Real Estate Law
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Only indirectly. The insurance company is bound by the terms of the policy to payout for covered losses. The covenants and bylaws may specify certain losses for which the association and members have coverage, but the covenants and bylaws are only binding on the members and the association.
So, the policy may cover some sort of loss based on the covenants, but the insurance company itself is not bound directly by the covenants and bylaws, unless specifically stated in their policy.
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