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�:� • y� I occu ence,against claims for death,bodily injury,property damage, and such other risks ' as ar customarily covered by such poiicies for projects similar in construction, location and u e to the Property. The palicy shall contain a"severability of interest"endorsemeni whic shall preciude the insurer from denying the claim of an Owner or Occupant beca e of negligent acts of the Association or other Owners or Occupants. The policy sh�lt�tnclude such additiana! endorsements, coverages a�d limits with respect to such : hazar�is as may be required by the regujations of the FHA, VA, FNMA, or FHLMC as a preco�ndition to their insuring,purchasing,or financing a mort�age on a Unit. I10.1.3 Fidelity bond or insurance coverage against dishonest acts on the part of direc rs, officers, managers, trustees, empioyees, or persons responsible for handling . funds belonging to or administered by the Association, if deemed to be advisable by khe Boar or required by the reguiations of any financing-related institution as a precondition to th purchase, insurin6, guarantee, or financing of a mortgage on a Unit. The fidelity bond or insurance shall name the Association as the named insured, and shall comply with he regulations of the FNMA, FHLMC, FHA or VA, if required by one of such agen ies as a precondition to the purchase, financing, insuring, or gt�arantee of a mort age on a Unit. An appropriate endorsement to the policy to cover any persons who ' serve without compensation shall be added if ihe policy would not otherwise cover � volu teers, or a waiver of defense based upon the exclusion of persons serving without com nsation shall be added, L0.].4 Workers' Compensation insurance as applicable and required by law. l0.].5 Directors and officer liability insurance with such reasonable limits and cove ages 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 th best interests of the Association and the Owners. � 10.2 Premiums; Improvements; Deductibles. Except as provided in Section 6_4, all insurance p emiums shall be assessed and paid as part of an annual Assessment. If improveme ts and beiterments to the Units are covered by the Association's property insurance, any increa5e cost may be assessed against the Units affected. The Association may, in the case of a claim f r damage to one or more than one Unit,(i} pay the deductible amount as a Common i Expense, (ii assess the deductible amount against one or more than one Unit. affected in any reasonable anner, or(iii) require the Owners of one or more than one Unit affected to pay the deductible a ount directly. The Association's decision as to who shall be charged with paying the deducti le amount may, but need not, be based on fault. Notwithstanding anything to the contrary in his Section ]0, the Association may, in the case of claim against the Association's property ins rance�, assess the deductible amount against all of the Units equally in the event that the deducti le amount is calculated by the insurance company based upon the percentage of the value or cos (replacement or otherwise)of one or more than one Unit or Building. ' 10.3 Loss Pavee; insurance Trustee. Atl 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 trustee selected by it) as trustee for the benefit of the MPLS-Word 952 1.11 25 - ---- - — '- i