New York Laws
Article 9-B - Condominium Act
339-BB - Insurance.

§ 339-bb. Insurance. The board of managers shall, if required by the
declaration, the by-laws or by a majority of the unit owners, insure the
building against loss or damage by fire and such other hazards as shall
be required, and shall give written notice of such insurance and of any
change therein or termination thereof to each unit owner. In the case of
a qualified leasehold condominium, such insurance shall be required in
any event, and shall be in an amount equal to full replacement cost of
the building. The policy or policies of such insurance shall be updated
annually to maintain such insurance in such amount. Nothing herein shall
prejudice the right of each unit owner to insure his own unit for his
own benefit. The premiums for such insurance on the building shall be
deemed common expenses, provided, however, that in charging the same to
the unit owners consideration may be given to the higher premium rates
on some units than on others.

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