Section 14. Insurance.

Without prejudice to the right of each apartment owner to insure his apartment, the association shall, if so required by a majority of apartment owners, insure the building against fire, flood, cyclone or such other hazards, under such terms and for such amounts as may be required. The policy of the insurance of the property shall be written in the name of the association, as trustee for each of the apartment owner in the percentage specified in the declaration and the premium payable under such policy of insurance shall be a common expense.