N.Y. RPP Law § 339-BB

§ 339-bb. Insurance. The board of managers shall, if required by the\ndeclaration, the by-laws or by a majority of the unit owners, insure the\nbuilding against loss or damage by fire and such other hazards as shall\nbe required, and shall give written notice of such insurance and of any\nchange therein or termination thereof to each unit owner. In the case of\na qualified leasehold condominium, such insurance shall be required in\nany event, and shall be in an amount equal to full replacement cost of\nthe building. The policy or policies of such insurance shall be updated\nannually to maintain such insurance in such amount. Nothing herein shall\nprejudice the right of each unit owner to insure his own unit for his\nown benefit. The premiums for such insurance on the building shall be\ndeemed common expenses, provided, however, that in charging the same to\nthe unit owners consideration may be given to the higher premium rates\non some units than on others.\n