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�:� � y� I ccurrence,against claims for death,bodily injury,property damage, and such other risks ' are customarily covered by such poiicies for projects similar in construction, loc tion nd use to the Property. The palicy shall contain a"severability of interest"endorse ent hich shall preciude the insurer from denying the claim of an Owner or Occ pant ecause of negligent acts of the Association or other Owners or Occupants. The p licy hall include such additianal endorsements, coverages and limits with respect to such _ azards as may be required by the regu9ations of the FHA, VA, FNMA, or FHLM as a � recondition to their insuring,purchasing,or financing a mort�age on a Unit. I0.1.3 Fidelity bond or insurance coverage against dishonest acts on the p rt of � irectors, officers, managers, trustees, employees, or persons responsihle for han ling , nds belonging to ar administered by the Association, if deemed to be advisable b the oard or required by the regulations of any financing-related institution as a precon itian to the purchase, insurin6, guarantee, or financing of a mortgage on a Unit. The fi elity � nd or insurance shall name the Association as the narned insured, and shall co ply ith the regulations of the FNMA, FHLMC, FHA or VA, if required by one of such agencies as a precondition to the purchase, financing, insuring, or g�arantee of a mortgage on a Unit. An appropriate endorsement to the policy to cover any person who ' serve without compensation shall be added if the policy would not otherwise over � volunteers, or a waiver of defense based upon the exclusion of persons serving wi hout compensation shall be added. 10.1.4 Workers' Compensation insurance as applicable and required by law. 10.1.5 Directors and officer liabiiity insurance with such reasonable limit and. coverages as the Board shall determine from time to time. 10.1.6. Such other insurance as the Board may determine from time to time to be in the best interests of the Association and the Owners. 1 Q.2 Premiums; Improvements; Deductibles. Except as provided in Section 6_ , all insur ce premiums shall be assessed and paid as part of an annual Assessment If im�ro ements and betterments to the Units are covered by the Association's property insu ance, any in reased cost may be assessed against the Units affected. The Associatian may, in th case of a cl im for damage to one or more than one Unit, (i)pay the deductible arnount as a Co on i Expen e, (ii) assess the deductible amount against one or more than one Unit affected i any reason ble manner, or(iii) require the Owners of one or more than one Unit affected to p y the deduci ble amount directly. The Association's decision as to who shall be charged with p ying the de uctible amount may, hut need not, be based on fau(t. Notwithstanding anything o the contra in this Section 10, the Association may, in the case of claim against the Associa ion's prope y insurance',assess the deductible amount against all of the Units equally in the eve t that the de uctible amount is calculated by the insurance company based upon the percentage f the value r cost(replacement or otherwise)of one or more than one Unit or Building. f 0.3 Loss Pavee; Insurance Trustee. Atl insurance coverage maintained b the Associ tion shall be written in the name of, and the proceeds thereof shall be payable t , the Associ tion {or a qualified insurance trustee selected by it) as trustee for the benefit f the MPLS-W rd 95281.11 25 i �