N.Y. Real Property Law § 339-bb: Insurance

§ 339-bb. Insurance. The board of managers shall, if required by the

declaration, the by-laws or by a majority of the unit owners, insure the

building against loss or damage by fire and such other hazards as shall

be required, and shall give written notice of such insurance and of any

change therein or termination thereof to each unit owner. In the case of

a qualified leasehold condominium, such insurance shall be required in

any event, and shall be in an amount equal to full replacement cost of

the building. The policy or policies of such insurance shall be updated

annually to maintain such insurance in such amount. Nothing herein shall

prejudice the right of each unit owner to insure his own unit for his

own benefit. The premiums for such insurance on the building shall be

deemed common expenses, provided, however, that in charging the same to

the unit owners consideration may be given to the higher premium rates

on some units than on others.