Section 31 in The Punjab Apartment Ownership Act, 1995
31. Insurance.
(1)The Board,-(a)shall have, if requested so to do by mortgagee having a first mortgage covering an apartment, the authority to; and(b)shall, if required so to do by the bye-laws or by a majority of the apartment owners, obtain insurance for the property against loss or damage by fire or other hazards under such terms and for such amounts as shall be so requested or required.(2)The insurance coverage in terms of the provisions of sub-section (1) shall be written on the property in the name of the Board as trustee for each of the apartment owners in the percentage specified in their conveyance deeds of apartment.(3)The premium payable in respect of every such insurance shall be common expenses.(4)The provisions of sub-sections (1) to (3) shall be without prejudice to the right of each apartment owner to insure his own apartment for his benefit.Chapter - VIAuthorities under the Act
