(1) This section applies to a liability insurance policy required under Subsection 57-8a-403(1)(b).
(2) A liability insurance policy shall be in an amount determined by the board but not less than an amount specified in the declaration or bylaws.
(3) Each lot owner is an insured person under a liability insurance policy that an association obtains, but only for liability arising from:
(a) the lot owner's ownership interest in the common areas;
(b) maintenance, repair, or replacement of common areas; and
(c) the lot owner's membership in the association.