Section 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.1981 c.782 §52; 1999 c.677 §22; 2007 c. 409, § 15