Sec. 15. (a) As used in this section, "planned unit development" has the meaning set forth in IC 36-7-1-14.5 . (b) As used in this section, "property and casualty insurance" means one (1) or more of the types of insurance described in IC 27-1-5-1 , Class 2 and Class 3. (c) An insurance company may issue a blanket policy of property and casualty insurance to an association or a nonprofit corporation composed of the owners of the property within a planned unit development for the purpose of insuring: (1) the association or nonprofit corporation; (2) the owners of the property within the planned unit development; (3) the executive body of the association or nonprofit corporation; (4) the managing agent of the association or nonprofit corporation, if any; (5) all persons who act as agents or employees of: (A) the association or nonprofit corporation; (B) the owners of the property; (C) the executive body; or (D) the managing agent; with respect to the planned unit development; and (6) all other persons entitled to occupy any unit or other portion of the planned unit development, including property owners; against losses under this subsection, including loss or damage to property within the planned unit development and loss of use or occupancy. (d) An association or a nonprofit corporation composed of the owners of all of the property within a planned unit development is authorized to purchase an insurance policy described in subsection (c).
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.