Section 15 in Tamil Nadu Apartment Ownership Act, 1994
15. Insurance.
- Without prejudice to the right of each apartment owner to insure his own apartment for his benefit, the society or the Association of Apartment owners shall, if so required, by the by-laws or by a majority of the apartment owners, insure the property against fire, flood, cyclone and such other hazards under such terms and for such accounts as shall be required. The policy of insurance shall be written on the property in the name of the society or the Association of Apartment owners as trustee for each of the apartment owner in the percentage specified in the Deed of Apartment and the premium payable under such policy of insurance shall be common expenses.
