08 LC 29
3107
House
Bill 1121
By:
Representatives Willard of the
49th,
Knox of the
24th,
Millar of the
79th,
Lindsey of the
54th,
Maxwell of the
17th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 3 of Chapter 3 of Title 44 of the Official Code of Georgia
Annotated, relating to condominiums, so as to change certain provisions relating
to insurance coverage for condominium associations; to provide for related
matters; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
3 of Chapter 3 of Title 44 of the Official Code of Georgia Annotated, relating
to condominiums, is amended by revising Code Section 44-3-107, relating to
insurance coverage for condominium associations, as follows:
"44-3-107.
The
association shall obtain:
(1)
A
casualty
property
insurance policy or policies affording fire and extended coverage insurance for
and in an amount consonant with the full replacement value of all structures
within the condominium; provided, however, that the association may exclude from
such coverage (A) improvements made by the unit owners, and (B) structures
covered by builder´s risk insurance, such coverage to be in an amount
consonant with the full replacement value thereof, but only during such period
of time as the builder´s risk insurance remains in full force and effect
and only on the condition that the association is named as an additional
insured;
and
(2)
A liability insurance policy or
policies,
in amounts specified by the condominium instruments but not in amounts less than
$500,000.00 for injury, including death, to a single person; $1 million for
injury or injuries, including death, arising out of a single occurrence; and
$50,000.00 for property damage; or, in the alternative, a liability
policy affording coverage for bodily
injury and property damage
with a
combined single limit in an amount not
less than
$1,050,000.00
$1 million for
a single occurrence and $2 million
aggregate. The policy or policies shall
cover the association, the board of directors and the officers of the
association, all agents and employees of the association, and all unit owners
and other persons entitled to occupy any unit or other portion of the
condominium for occurrences commonly insured against arising out of or in
connection with the use, ownership, or maintenance of the common elements or
other portion of the condominium which the association has the responsibility to
maintain;
and
(3)
Any other types and amounts of insurance coverage as may be specified in the
condominium instruments or authorized by the board of
directors."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.