Article (41) mandates that the Management Entity must insure the jointly owned property against fire, damage, and destruction. For the purposes of these policies, the Management Entity must be the beneficiary. This ensures that if a claim is paid, t…
Article (41) mandates that the Management Entity must insure the jointly owned property against fire, damage, and destruction. For the purposes of these policies, the Management Entity must be the beneficiary. This ensures that if a claim is paid, the funds are held by the entity responsible for the reconstruction and maintenance of the building. The premiums for this insurance are calculated based on market contracts and are included in the Service Charges paid by owners.
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