The coowners, as such, or the administrator, or the board of administration, or other form of administration specified in the bylaws, shall insure all buildings and the general and limited common elements against risk, without prejudice to the right of each coowner to insure his apartment on his own account and for his own benefit.
N.J. Stat. Ann. § 46:8A-23
Insuring building and common elements against risks
Known as the Horizontal Property Act
The act spans §§ 46:8A-1 to 46:8A-9 (29 sections).
L.1963, c. 168, s. 23
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.