NRS 116.31133

����� 1. Insurance policies carried pursuant to NRS 116.3113 must provide that: ����� (a) Each unit�s owner is an insured person under the policy with respect to liability arising out of the unit�s owner�s interest in the common elements or membership in the association; ����� (b) The insurer waives its right to subrogation under the policy against any unit�s owner or member of his or her household; ����� (c) No act or omission by any unit�s owner, unless acting within the scope of his or her authority on behalf of the association, voids the policy or is a condition to recovery under the policy; and ����� (d) If, at the time of a loss under the policy, there is other insurance in the name of a unit�s owner covering the same risk covered by the policy, the association�s policy provides primary insurance. ����� 2. Any loss covered by the property policy under subsections 1 and 2 of NRS 116.3113 must be adjusted with the association, but the proceeds for that loss are payable to any insurance trustee designated for that purpose, or otherwise to the association, and not to any holder of a security interest. The insurance trustee or the association shall hold any insurance proceeds in trust for the association, units� owners and lienholders as their interests may appear. Subject to NRS 116.31135 , the proceeds must be disbursed first for the repair or restoration of the damaged property, and the association, units� owners, and lienholders are not entitled to receive payment of any portion of the proceeds unless there is a surplus of proceeds after the property has been completely repaired or restored, or the common-interest community is terminated. ����� 3. An insurer that has issued an insurance policy under this section shall issue certificates or memoranda of insurance to the association and, upon written request, to any unit�s owner or holder of a security interest. The insurer issuing the policy may not cancel or refuse to renew it until 30 days after notice of the proposed cancellation or nonrenewal has been mailed to the association, each unit�s owner and each holder of a security interest to whom a certificate or memorandum of insurance has been issued at their respective last known addresses.