Common Element Policy Requirements. Pursuant to Tenn Sample Clauses

Common Element Policy Requirements. Pursuant to Tenn. Code Xxx. § 66-27-413(d), all Common Element and Limited Common Element property and liability insurance policies must provide that (a) each Unit Owner is an insured under the policy with respect to liability arising out of the Unit Owner’s interest in the Common Elements or membership in the Association; (b) the insurer waives its right of subrogation under the policy against any Unit Owner or lessee or family member of the Unit Owner unless it is shown that such Person acted with the intent to cause the loss; (c) no act nor omission by a Unit Owner, unless same is acting in the capacity of a governing board member of the Association, will void the policy or be a condition to recovery under the policy; (d) the Association’s policies are primary to any other insurance obtained in the name of Unit Owners covering the same risk covered by the Association’s policy; (e) certificated or memoranda of insurance shall be issued to the Association and upon request, to any Unit Owner or Mortgagee; and (f) said insurance may not be cancelled nor refused for renewal until notice of the proposed cancellation or non-renewal has been mailed to the Association and to each and any additional insured under policy at their respective last known address in accordance with the provisions of the “Cancellation of Commercial Risk Insurance Act” codified at Tenn. Code Xxx. § 56-7-1801, et seq.
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