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Indiana Code Title 27. Insurance § 27-1-13-15

Current as of January 02, 2024 | Updated by Findlaw Staff

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).

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-1-13-15 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-1-13-15/

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