Section 339-BB. Insurance

The board of managers shall, if required by the
  declaration, the by-laws or by a majority of the unit owners, insure the
  building against loss or damage by fire and such other hazards as  shall
  be  required, and shall give written notice of such insurance and of any
  change therein or termination thereof to each unit owner. In the case of
  a qualified leasehold condominium, such insurance shall be  required  in
  any  event,  and shall be in an amount equal to full replacement cost of
  the building. The policy or policies of such insurance shall be  updated
  annualy  to maintain such insurance in such amount. Nothing herein shall
  prejudice the right of each unit owner to insure his own  unit  for  his
  own  benefit.  The  premiums for such insurance on the building shall be
  deemed common expenses, provided, however, that in charging the same  to
  the  unit  owners consideration may be given to the higher premium rates
  on some units than on others.