Nebraska Condominium Act — Insurance Requirements

Nebraska Legislature NEBRASKA LEGISLATURE The official site of the Nebraska Unicameral Legislature MENU Home Chamber Viewer View Bills One Liners Statutes Summary Hearings Agenda Journal Budget Rule Book Constitution Legislature About The Nebraska State Legislature The Budget Process History of the Unicameral Lawmaking in Nebraska Maps Nebraska Blue Book On Unicameralism Photos Publications Senator Qualifications Student Programs Testifying at a Hearing Unicameral Update Visiting the Capitol Bills and Laws Introduction Search Bills Search Laws Print On Demand Calendar Committees About Standing and Special Committees Standing Committees Public Input Options Select & Special Committees Compact Commissions Hearing Schedules Occupational Board Reform Act Survey Results Legislative Divisions Clerk of the Legislature Legislative Oversight Legislative Fiscal Office Legislative Research Office Public Counsel/Ombudsman Revisor of Statutes Legislative Histories History Request News Reports Overview Agencies Committee Fiscal/Budget General Research Interim Studies Lobbyist Registration Legislative Oversight Public Counsel Revisor of Statutes Senators Senators' Landing Pages Senators' Duties Speaker Find your Senator Photos Session Information Transcripts For Agencies For Citizens For Journalists For Lobbyists For Students and Teachers Nebraska Revised Statute 76-871 Revised Statutes Chapter 76 76-871 Print Friendly View Statute 76-870 Chapter 76 Index View Statute 76-872 Chapter 76 76-871. Insurance; requirements. (a) Commencing not later than the time of the first conveyance of a unit to a person other than a declarant, the association shall maintain, to the extent reasonably available: (1) Property insurance on the property including the common elements insuring against all risks of direct physical loss commonly insured against or, in the case of a conversion building, against fire and extended coverage perils. The total amount of insurance after application of any deductibles shall be not less than eighty percent of the actual cash value of the insured property at the time the insurance is purchased and at each renewal date, exclusive of land, excavations, foundations, and other items normally excluded from property policies; and (2) Liability insurance, including medical payments insurance, in an amount determined by the executive board but not less than any amount specified in the declaration, covering all occurrences commonly insured against for death, bodily injury, and property damage arising out of or in connection with the use, ownership, or maintenance of the common elements. (b) In the case of a building containing units having horizontal boundaries described in the declaration, the insurance maintained under subdivision (a)(1) of this section, to the extent reasonably available, shall include the units, but need not include improvements and betterments installed by unit owners. (c) If the insurance described in subsections (a) and (b) of this section, is not reasonably available, the association promptly shall cause notice of that fact to be hand delivered or sent prepaid by United States mail to all unit owners. The declaration may require the association to carry any other insurance, and the association in any event may carry any other insurance it deems appropriate to protect the association or the unit owners. (d) Insurance policies carried pursuant to subsection (a) of this section must provide that: …

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