Generally, yes. The Colorado Common Interest Ownership Act (CCIOA, C.R.S. 38-33.3-313) requires associations created on or after July 1, 1992 to maintain property insurance on the common elements and commercial general liability insurance, to the extent reasonably available, unless the declaration provides otherwise where the law allows. Many older communities follow the same requirements through their declarations.
Beyond the law, lenders require evidence of proper master coverage, and gaps can prevent owners from selling or refinancing. Boards should also confirm directors and officers (D&O) liability and fidelity or crime coverage are in place.
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