Article 61. Insurance of Common Property in the Condominium

(1) An association may insure the common parts against any risk of damage if there is a general meeting approval. The resolution on selecting the insurer is within the authority of the general meeting and is passed at the same meeting at which the decision to insure was made.

(2) In case an insured event occurs, the insurance money is paid to the association or the authorized representative of the owners for use as established in paragraph (3).

(3) The insurance money is utilized solely for the restoration and repair of the common parts damaged by an accident or natural disaster. If the condominium is dissolved, the beneficiary of the insured amount – the association or the authorized representative of the owners – distributes the insured sum among creditors, in accordance with the law. The remaining financial resources, after settling all debts as provided by the legislation, are distributed among the owners according to their respective shares.