Condo insurance co. refuses to add bank as mortagee, & loss payee

[Jeff Ang]

I'm in the process of getting a loan on my condo.  The bank requires to be added to the master insurance as mortgagee and loss payee.  However, the insurance company refused, saying they do not insure individual unit owners, only the association. And will not be able to add an individual owner's mortgage holder to the policy.

I have other condo loans before, and I never had this problem.  Who is right in this case?  Is there any law on this?