Property and casualty insurance blanket policies for planned unit development owners association or corporation

Sec. 15. (a) As used in this section, "planned unit development" has the meaning set forth in IC 36-7-1-14.5. (b) As used in this section, "property and casualty insurance" means one (1) or more of the types of insurance described in IC 27-1-5-1, Class 2 and Class 3. (c) An insurance company may issue a blanket policy of property and casualty insurance to an association or a nonprofit corporation composed of the owners of the property within a planned unit development for the purpose of insuring: (1) the association or nonprofit corporation; (2) the owners of the property within the planned unit development; (3) the executive body of the association or nonprofit corporation; (4) the managing agent of the association or nonprofit corporation, if any; (5) all persons who act as agents or employees of: (A) the association or nonprofit corporation; (B) the owners of the property; (C) the executive body; or (D) the managing agent; with respect to the planned unit development; and (6) all other persons entitled to occupy any unit or other portion of the planned unit development, including property owners; against losses under this subsection, including loss or damage to property within the planned unit development and loss of use or occupancy. (d) An association or a nonprofit corporation composed of the owners of all of the property within a planned unit development is authorized to purchase an insurance policy described in subsection (c).