New Hampshire § 356-B-43 - Section 356-B:43 Insurance.

§ 356-B-43. Section 356-B:43 Insurance.

I. The condominium instruments, including those for small condominiums, shall require the unit owners' association, or the board of directors or managing agent on behalf of such association, to obtain: (a) A master casualty policy affording fire and extended coverage in an amount equal to the full replacement value of the structures within the condominium, or of such structures that in whole or in part comprise portions of the common areas. Any unit owner's association that does not obtain such a master casualty policy covering common areas shall result in each unit owner equally sharing in the replacement cost to repair common areas to the extent that damage would have been covered by a policy providing fire and extended coverage. When such damage is only within one or a few limited common areas, only the unit owners in each area must share in the replacement cost; (b) A master liability policy, in an amount specified by the condominium instruments, covering the unit owners' association, the board of directors, if any, the managing agent, if any, all persons acting or who may come to act as agents or employees of any of the foregoing with respect to the condominium, and all unit owners and other persons entitled to occupy any unit or other portion of the condominium; and (c) Such other policies as may be required by the condominium instruments, including, without limitation, workers' compensation insurance, liability insurance on motor vehicles owned by the association, and specialized policies covering lands or improvements in which the unit owners' association has or shares ownership or other rights. II. When any policy of insurance has been obtained by or on behalf of the unit owners' association, written notice of the obtainment thereof and of any subsequent changes therein or termination thereof shall be promptly furnished to each unit owner by the officer required to send notices of meetings of the unit owners' association. Such notices shall be sent in accordance with RSA 356-B:37-a. III. Unless the unit owners vote to terminate the condominium under RSA 356-B:34, the proceeds of the master casualty policy shall be used to repair, replace or restore the structure or common area damaged by casualty.