ORS 94.680: Blanket all-risk insurance.

(1) If a declaration or bylaws provide that the homeowners association has the sole authority to decide whether to repair or reconstruct a unit that has suffered damage or whether a unit must be repaired or reconstructed, the board of directors shall obtain blanket all-risk insurance for the full replacement cost of all structures in the planned community. Cost of the coverage shall be a common expense to the association.

      (2) If the declaration or bylaws contain a provision described in subsection (1) of this section, the declaration or bylaws also shall provide:

      (a) Requirements of or limitations on repairing or reconstructing damaged or destroyed property;

      (b) The time within which the repair or reconstruction must begin; and

      (c) The actions the board of directors must take if:

      (A) Damage or destruction is not repaired or replaced; or

      (B) Insurance proceeds exceed or fall short of the costs of repair or reconstruction.