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a i� � Y. I 1 I occurrence,against claims for death,bodily injury,property damage, and such other risks ' as are cust marily covered by such poiicies for projects similar in construction, location and use to t e Property. The policy shall contain a"severability of interest"endorsement which shal prec}ude the insurer from denying the claim of an Owner or Occupant because af egligent acts of the Association or other Owners or Occupants. 'The policy shall inclu e such additional endorsements, coverages and limits with resgect to such hazards as ay be required by the regu9ations of the FHA, VA, FNMA, or FHLMC as a preconditio to their insurin�,purchasing,or financing a mort�age on a Unit. I0.13 Fidelity bond or insurance coverage against dishonest acts on the part of j direciors, fficers, managers, trustees, emp}oyees, or persons responsible for handling , funds belo ging to or administered by the Association, if deemed to be advisable by the Board or re uired by the regulations of any financing-related institution as a preconditian to the purc ase, insurin6, guarantee, or financing of a mortgage on a Unit. The fidelity � bond or in urance shall name the Association as the named insured, and shall comply with the r =ul.ations of the FNMA, FHLMC, FHA or VA, if required by one of such agencies a a precondition to the purchase, financing, insuring, or gvarantee of a mortga�e o a Unit. An appropriate endorsement to the policy to cover any persons who ' serve with ut compensation shall be added if the policy would not otherwise cover � volunteers, or a waiver of defense based upon the exclusion of persons serving without compensati n shall be added. L0. .4 Workers' Compensation insurance as applicable and rec}uired by law. i I0. .5 Directors and officer liability insurance with such reasonable limits and. coverages s the Board shall determine from time to time. 10. .6� Such other insurance as the Board may determine from time to time to be in the best nterests of the Association and the Owners. 1Q.2 Preniums• Im rovements• Deductibles. Except as provided in Section 6_4, all _ insurance premiu s shall be assessed and paid as part of an annua] Assessment. If:��" improvements an betterments to the Units are covered by the Association's property insurance, any increased cos may be assessed against the Units affected. The Association may, in the case of a claim for da age to one or more than one Unit, (i) pay the deductible amount as a Common i Expense, (ii) asse s the deductible amount against one or more than one Unit affected in any reasonable manne , or(iii) require the Owners of one or more than one Unit affected to pay the deductible arnoun directly. The Association's decision as to who shall be charged with paying the deductible a unt may, but need not, be based an fault. Notwithstanding anything to the contrary in this S ction 10, the Association may, in the case of claim against the Association's property insuranc ', assess the deductible amount against all of the Units equally in the event that the deductible am unt is calculated by the insurance company based upon the percentage of the value or cost(repl cement or otherwise)of one or more than one Unit or Building. 10.3 Lo s Pavee• Insurance Trustee. Afl insurance coverage maintained by the Association shall be written in the name of, and the proceeds thereof shall be payable to, the Association (or a qualified insurance tnastee selected by it) as trustee for the benefit of the MPLS-Word 95281.11 25 � i i �