MCIOA — Insurance

Office of the Revisor of Statutes Search Minnesota Statutes About Minnesota Statutes 2025 Statutes New, Amended or Repealed 2025 Table of Chapters 2025 Statutes Topics (Index) Chapter 515B Table of Sections Full Chapter Text Version List Section 515B.3-113 Version List Recent History 2026 515B.3-113 Amended 2026 c 61 s 25 2010 515B.3-113 Amended 2010 c 267 art 3 s 10 2005 515B.3-113 Amended 2005 c 121 s 28 1999 515B.3-113 Amended 1999 c 11 art 2 s 21 1995 515B.3-113 Amended 1995 c 258 s 65 1994 515B.3-113 Amended 1994 c 388 art 4 s 10 This section has been affected by law enacted during the 2026 Regular Session. More info... 515B.3-113 has been amended by Chapter 61, Section 25 Note: see session law sections for effective dates. 515B.3-113 INSURANCE. (a) Commencing not later than the time of the first conveyance of a unit to a unit owner other than a declarant, the association shall maintain, to the extent reasonably available: (1) subject to subsection (b), property insurance (i) on the common elements and, in a planned community, also on property that must become common elements, (ii) for broad form covered causes of loss, and (iii) in a total amount of not less than the full insurable replacement cost of the insured property, less deductibles, at the time the insurance is purchased and at each renewal date, exclusive of items normally excluded from property policies; and (2) commercial general liability insurance against claims and liabilities arising in connection with the ownership, existence, use or management of the property in an amount, if any, specified by the common interest community instruments or otherwise deemed sufficient in the judgment of the board, insuring the board, the association, the management agent, and their respective employees, agents and all persons acting as agents. The declarant shall be included as an additional insured in its capacity as a unit owner or board member. The unit owners shall be included as additional insureds but only for claims and liabilities arising in connection with the ownership, existence, use or management of the common elements. The insurance shall cover claims of one or more insured parties against other insured parties. (b) In the case of a common interest community that contains units, or structures within units, sharing or having contiguous walls, siding or roofs, the insurance maintained under subsection (a)(1) shall include those units, or structures within those units, and the common elements. The insurance need not cover the following items within the units: (i) ceiling or wall finishing materials, (ii) finished flooring, (iii) cabinetry, (iv) finished millwork, (v) electrical, heating, ventilating, and air conditioning equipment, and plumbing fixtures serving a single unit, (vi) built-in appliances, or (vii) other improvements and betterments, regardless of when installed. If any improvements and betterments are covered, any increased cost may be assessed by the association against the units affected. The association may, in the case of a claim for damage to a unit or units, (i) pay the deductible amount as …

Showing excerpt. Read full text on official source →