CONDOMINIUM-INSURANCE Senate SponsorsSen. William R. Haine House Sponsors(Rep. JoAnn D. Osmond) 7/16/2014SenatePublic Act . . . . . . . . . 98-0762 765 ILCS 605/12from Ch. 30, par. 312Amends the Condominium Property Act. Makes a technical change in a Section concerning insurance.Senate Floor Amendment No. 3 Replaces everything after the enacting clause. Amends the Condominium Property Act. Replaces certain specified insurance requirements with language providing that insurance issued or delivered to a condominium association shall provide coverage, at the time the insurance is purchased and at each renewal date, in a total amount of not less than the full insurable replacement cost of the insured property, less deductibles, but including coverage sufficient to rebuild the insured property in compliance with building code requirements subsequent to an insured loss, including: Coverage B, demolition costs; and Coverage C, increased cost of construction coverage. Provides that the combined total of Coverage B and Coverage C shall be no less than 10% of each insured building value, or $500,000, whichever is less. Provides that directors and officers liability coverage shall include, but not be limited to, coverage of: defense of non-monetary actions; defense of breach of contract; and defense of decisions related to the placement or adequacy of insurance, and that the coverage shall include as an insured: past, present, and future board members while acting in their capacity as members of the board of directors; the managing agent; and employees of the board of directors and the managing agent. Provides that "improvements and betterments" means all decorating, fixtures, and furnishings installed or added to and located within the boundaries of the unit, including electrical fixtures, appliances, air conditioning and heating equipment, water heaters, built-in cabinets installed by unit owners, or any other additions, alterations, or upgrades installed or purchased by any unit owner. Deletes language providing that: if the unit owner does not purchase or produce evidence of insurance requested by the board, the directors may purchase the insurance coverage and charge the premium cost back to the unit owner; in no event is the board liable to any person either with regard to its decision not to purchase the insurance, or with regard to the timing of its purchase of the insurance or the amounts or types of coverages obtained. Provides that the changes apply only to insurance policies issued or renewed on or after the effective date. Effective June 1, 2015. 2/7/2014SenateFiled with Secretary by Sen. William R. Haine 2/7/2014SenateFirst Reading 2/7/2014SenateReferred to Assignments 3/13/2014SenateAssigned to Insurance 3/18/2014SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine 3/18/2014SenateSenate Committee Amendment No. 1 Referred to Assignments 3/20/2014SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance 3/20/2014SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. William R. Haine 3/20/2014SenateSenate Committee Amendment No. 2 Referred to Assignments 3/21/2014SenatePostponed - Insurance 3/21/2014SenateSenate Committee Amendment No. 1 Postponed - Insurance 3/25/2014SenateSenate Committee Amendment No. 2 Assignments Refers to Insurance 3/27/2014SenateSenate Committee Amendment No. 1 Postponed - Insurance 3/27/2014SenateSenate Committee Amendment No. 2 Postponed - Insurance 3/27/2014SenateDo Pass Insurance; 012-000-000 3/27/2014SenatePlaced on Calendar Order of 2nd Reading April 1, 2014 3/28/2014SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments 3/28/2014SenateSenate Committee Amendment No. 2 Rule 3-9(a) / Re-referred to Assignments 4/3/2014SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. William R. Haine 4/3/2014SenateSenate Floor Amendment No. 3 Referred to Assignments 4/7/2014SenateSecond Reading 4/7/2014SenatePlaced on Calendar Order of 3rd Reading April 8, 2014 4/7/2014SenateSenate Floor Amendment No. 3 Assignments Refers to Insurance 4/8/2014SenateSenate Floor Amendment No. 3 Recommend Do Adopt Insurance; 010-000-000 4/8/2014SenateRecalled to Second Reading 4/8/2014SenateSenate Floor Amendment No. 3 Adopted; Haine 4/8/2014SenatePlaced on Calendar Order of 3rd Reading 4/8/2014SenateThird Reading - Passed; 056-000-000 4/8/2014SenateSenate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a) 4/8/2014SenateSenate Committee Amendment No. 2 Tabled Pursuant to Rule 5-4(a) 4/9/2014HouseArrived in House 4/9/2014HouseChief House Sponsor Rep. JoAnn D. Osmond 4/9/2014HouseFirst Reading 4/9/2014HouseReferred to Rules Committee 4/28/2014HouseAssigned to Judiciary 5/14/2014HouseDo Pass / Short Debate Judiciary; 015-000-000 5/14/2014HousePlaced on Calendar 2nd Reading - Short Debate 5/15/2014HouseSecond Reading - Short Debate 5/15/2014HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/20/2014HouseThird Reading - Short Debate - Passed 116-000-000 5/20/2014SenatePassed Both Houses 6/18/2014SenateSent to the Governor 7/16/2014SenateGovernor Approved 7/16/2014SenateEffective Date June 1, 2015 7/16/2014SenatePublic Act . . . . . . . . . 98-0762