ORS 94.680 Blanket all-risk insurance

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.

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

Requirements of or limitations on repairing or reconstructing damaged or destroyed property;

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

The actions the board of directors must take if:

Damage or destruction is not repaired or replaced; or

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