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Association Insurance
Utah Law Senate Bill 167 (insurance
section) was recently revised.
HOW DOES THIS AFFECT YOU?
With the recent revision to Senate Bill 167
(insurance section) the Association’s insurance
policy actually is now required to cover more in
individual units. This coverage is now in place for
Brittany, therefore individual owners should
be able to insure less of their unit as much is now
covered by the Association’s insurance policy Below
is a
BRIEF
explanation of Senate Bill 167 (insurance section).
Please contact your personal insurance agent for
more specific details in regards to Senate Bill 167.
Or you can also contact the Association’s agent at
801-937-6700, ask for Beat Koszinowski.
Section: 1 .1. Applies to Association and
unit owner policies and supersedes anything to the
contrary written in the CC&R's (Covenants Conditions
and Restrictions).
Section 1 .2. The Association’s policy
includes coverage for: “any fixtures, improvements,
or
betterments installed by a unit owner, or floor
coverings, cabinets, heating and
plumbing fixtures, paint, wall coverings, windows,
and any item permanently
attached to a unit”.
Section 1 .3. When a covered cause of loss occurs
the Association’s policy of property
insurance shall provide
primary coverage,
the
unit owner’s insurance policy
shall be primary for the portion of the loss
attributable to the deductible on
the Association’s policy.
Section 1 .4. If two or more owners suffer a
loss in a single event they are each responsible for
payment of a portion of the Association’s deductible
based on the percentage of
loss they each suffered.
Section 1 .5. If an owner does not pay
his/her share of the loss within 30 days after
substantial
completion, the Association may levy an assessment
against the owner and place
a lien on the unit.
Section 1.6. If the unit owner has no
insurance for the covered cause of loss, he/she is
personally responsible for the loss to the amount of
the Association's insurance deductible.
As of the date of this newsletter BRITTANY
CONDOMINIUMS has a property deductible of $10,000
for each occurrence. Payment of the deductible
becomes your responsibility when a covered cause of
loss affecting your unit occurs. Payment of the
deductible should be insured
by your personal insurance policy.
All questions about Senate Bill 167 (insurance
section) and the Association’s insurance policy
should be directed to your personal agent and/or the
Association’s agent, Beat Kos
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