(1) This part applies to an insurance policy or combination of insurance policies: (a) issued or renewed on or after July 1, 2011; and (b) issued to or renewed by: (i) a lot owner; or (ii) an association, regardless of when the association is formed.
(a) issued or renewed on or after July 1, 2011; and
(b) issued to or renewed by: (i) a lot owner; or (ii) an association, regardless of when the association is formed.
(i) a lot owner; or
(ii) an association, regardless of when the association is formed.
(2) Unless otherwise provided in the declaration, this part does not apply to a project if all of the project's lots are restricted to entirely nonresidential use.
(3) Subject to Subsection (4), this part does not apply to a project if: (a) the initial declaration for the project is recorded before January 1, 2012; (b) the project includes attached dwellings; and (c) the declaration requires each lot owner to insure the lot owner's dwelling.
(a) the initial declaration for the project is recorded before January 1, 2012;
(b) the project includes attached dwellings; and
(c) the declaration requires each lot owner to insure the lot owner's dwelling.
(4) (a) An association to which this part does not apply under Subsection (3) may amend the declaration, as provided in the declaration and applicable law, to subject the association to this part. (b) During the period of administrative control, an amendment under Subsection (4)(a) requires the consent of the declarant.
(a) An association to which this part does not apply under Subsection (3) may amend the declaration, as provided in the declaration and applicable law, to subject the association to this part.
(b) During the period of administrative control, an amendment under Subsection (4)(a) requires the consent of the declarant.
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