Ind. Code ch. 27-7-18.7

Ind. Code § 27-7-18.7-1 "Condominium"

Sec. 1. As used in this chapter, "condominium" has the meaning set forth in IC 32-25-2-7. As added by P.L.86-2026, SEC.25.

Ind. Code § 27-7-18.7-2 "Condominium unit"

Sec. 2. As used in this chapter, "condominium unit" has the meaning set forth in IC 32-25-2-9. As added by P.L.86-2026, SEC.25.

Ind. Code § 27-7-18.7-3 "Co-owner"

Sec. 3. As used in this chapter, "co-owner" has the meaning set forth in IC 32-25-2-11. As added by P.L.86-2026, SEC.25.

Ind. Code § 27-7-18.7-4 "Property and casualty insurance"

Sec. 4. As used in this chapter, "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. As added by P.L.86-2026, SEC.25.

Ind. Code § 27-7-18.7-5 Options for co-owners of a condominium to obtain property and casualty insurance coverage; continuing obligation of co-owners to provide coverage

Sec. 5. (a) This section applies to a condominium in which all of the condominium units: (1) were designed and built for occupancy by not more than two (2) separate families; and (2) contain not more than two (2) separate living quarters. (b) Notwithstanding IC 32-25-8-9, the co-owners of a condominium described in subsection (a) may obtain property and casualty insurance coverage for the condominium units through one (1) of the following methods: (1) By purchasing a master policy for property and casualty insurance. (2) By allowing each co-owner to purchase property and casualty insurance on an individual basis. (c) This section may not be construed to relieve the co-owners from any obligation under IC 32-25-8-9 to provide insurance coverage under a master policy for: (1) the land on which the condominium is located; (2) swimming pools and other recreational facilities; or (3) any other parts of the condominium existing for common use. As added by P.L.86-2026, SEC.25.