Condo Media - February 2021 - 36
The Region
VERMONT
Insurance Details
Governing Documents and Statutory Provisions
[by Christina A. Jensen, Esq.]
Insurance. So important. So - with
apologies to all the good people in the
industry - boring. It brings to mind what
Berkeley Breathed, creator of Bloom
County and Outland, cited in a recent
interview1 as one of his favorite cartoon
strips. All I can say is that it involves a
certain sketchy cat and an insurance
rep... But on to the topic at hand.
In Vermont, the requirements
for common interest communities to
obtain and maintain insurance coverage depend on the governing documents of the community, especially
the declaration and the applicable
statute, which depends primarily
on the age of the community.
In Vermont, the requirements for common interest
communities to obtain and maintain insurance coverage
depend on the governing documents of the community,
especially the declaration and the applicable statute,
which depends primarily on the age of the community.
36
CONDOMEDIA February 2021
VCIOA STATUTORY REQUIREMENTS
The most detailed statutory provisions
apply to associations governed by the
Vermont Common Interest Ownership
Act (VCIOA) and apply as soon as the
declarant sells the first unit. Such associations are required to maintain " to the
extent reasonably available " - that is,
actually available and not unreasonably
expensive. Other requirements include:
l Property insurance on the common
elements and, in a planned community, also on property which will
become common elements, to insure
against risks of direct physical loss
commonly insured against
l Commercial general liability insurance, including medical payments
Condo Media - February 2021
Table of Contents for the Digital Edition of Condo Media - February 2021
Contents
Condo Media - February 2021 - Cover1
Condo Media - February 2021 - Cover2
Condo Media - February 2021 - Contents
Condo Media - February 2021 - 2
Condo Media - February 2021 - 3
Condo Media - February 2021 - 4
Condo Media - February 2021 - 5
Condo Media - February 2021 - 6
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Condo Media - February 2021 - Cover3
Condo Media - February 2021 - Cover4
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