Liabilities, Insurance and Fiscal Affairs

Tort and contract liability.

Conveyance or encumbrance of common elements.

Insurance: General requirements.

Surplus funds.

Assessments for common expenses

Insurance: Policies

Insurance: Repair or replacement of damaged or destroyed portion of community.

Insurance: Variance or waiver of provisions in community restricted to nonresidential use.

Preparation and presentation of financial statements.

Audit and review of financial statements.

Annual distribution to units’ owners of operating and reserve budgets or summaries of such budgets and policy for collection of fees, fines, assessments or costs

Study of reserves

Signatures required for withdrawals of certain association funds

Fees imposed on associations or master associations to pay for costs of administering Office of Ombudsman and Commission

Registration of associations with Ombudsman

Funds of association to be deposited or invested at certain financial institutions.