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24 <br />10.1.3. Such other types and amounts or insurance as may be determined by the <br />Board to be necessary or desirable, including but not limited to officers and directors’ <br />liability insurance, workers’ compensation insurance, and insurance or fidelity bonds <br />covering dishonest acts by those Persons having control or custody of the Association’s <br />funds. <br /> <br />10.2. Cancellation: Notice of Loss. All policies or property insurance and <br />comprehensive liability insurance maintained by the Association shall provide that the policies <br />shall not be canceled or substantially modified, for any reason, without at least thirty days’ prior <br />written notice to the Association, the insureds and all Mortgagees. <br /> <br />10.3. Conflicts with Act. In the event of a conflict between this Section 10 and the Act, <br />this Section 10 shall control, it being the intention of Declarant that the Association and the <br />Owners shall have authority and discretion to deal with the unique insurance needs associated <br />with the uses of these nonresidential Units and the requirements of Mortgagees. <br /> <br />10.4. Owners’ Insurance/Indemnity. Each Owner shall obtain and maintain the <br />following insurance and provide the described indemnities: <br /> <br />10.4.1. Property insurance insuring any insurable improvement within the <br />Owner’s Unit for the full insurable replacement value of such improvement. <br /> <br />10.4.2. Commercial general liability insurance covering the Owner’s Unit, and the <br />activities of the Owner, and its officers, directors, employees and agents in connection <br />with the Owner’s occupancy, operation, management and use of the Unit, including any <br />additional coverages customarily carried for unique or hazardous activities arising out of <br />a business or activities conducted on the Unit. Said liability insurance shall be in the <br />minimum amounts of (i) $1,000,000 for an accident affecting more than one person in or <br />resulting from one occurrence and (ii) $1,000,000 property damage for each occurrence. <br />Each Owner shall, upon request of the Association or any other Owner, furnish a <br />certificate or certificates of such insurance. <br /> <br />10.4.3. Each Owner shall hold harmless, indemnify and defend the Declarant, <br />other Owners and the Association, and their respective officers, directors and employees, <br />from and against all claims, actions, damages and other liabilities, including attorneys’ <br />fees and costs, arising out of incidents occurring within such Owner’s Unit or arising out <br />of the conduct of the Owner or Tenants of the Unit or their employees, agents, <br />contractors and guests, unless caused by the intentional or negligent act or omission of <br />the party to be indemnified. <br /> <br />10.4.4. The Owner’s insurance shall be primary as against the Association’s <br />insurance for damages to any interior improvement to the Units, and there shall be no <br />right of contribution against the Association’s insurance, with respect to damage or <br />activities within the Owner’s Unit. <br /> <br />137