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).
As added by P.L.116-1994, SEC.29. Amended by P.L.1-2010, SEC.110.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 13. Casualty, Fire, and Marine Insurance Company Powers and Policy Requirements
27-1-13-0.1. Application of Certain Amendments to Chapter
27-1-13-3. Investment of Capital and Funds Above Capital; Real Estate Interests
27-1-13-4. Valuation of Bonds and Securities
27-1-13-5. Insured Loans and Investments
27-1-13-6. Limitation on Risks; Effect of Reinsurance
27-1-13-7. Policy Requirements
27-1-13-7.5. Newly Acquired Motor Vehicle; Required Coverage
27-1-13-8. Estimating Condition; Classification of Items as Assets or Liabilities; Reserves
27-1-13-8.5. Rules to Prescribe Minimum Standards for Establishment of Reserves
27-1-13-9. Trading or Dealing in Commodities, Goods, Wares, and Merchandise
27-1-13-10. Insurance Rating Bureaus; Organizational Regulations
27-1-13-11. Insurance Rating Bureaus; Meetings; Appearance by Aggrieved Persons
27-1-13-12. Insurance Rating Bureau; Division of Representation