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i i� • y� I occ�krrence,against claims for death, bodily injury,property damage, and such other ris ' as a e customarily covered by such policies for projects similar in construction, ]ocatio and use to the Property. The policy shall contain a "severability of interest"endorseme t whi h shall preciude the insurer from denying the claim of an Owner or Occup t bec�nse af negligent acts of the Association or other Owners or Occupants. 'The polic s:al include such additiona! endorsements, coverages and limits with respect ta suc haz rds as rnay be required by the regulations of the FHA, VA, FNMA, or FHLMC as pre ndition to their insuring,purchasing,or financing a mort�age on a Unit. !0.1.3 Fidelity bond or insurance coverage against dishonest acts on the part o dire tors, officers, rnanagers, trustees, employees, or persons responsible for handlin . fun s belonging to or administered by the Association, if deemed to be advisable by th Boai-d or required by the regulations of any financing-related institution as a preconditio to t e purchase, insurin6, guarantee, or financing of a mortgage on a Unit. The fideli � bon ar insurance shall name the Association as the named insured, and shal] compl wit the regulations of the FNIVIA, FNLMC, FHA or VA, if required by one of suc � age cies as a precondition to the purchase, financing, insuring, or geiarantee of mo gage on a Unit. An appropriate endorsement to the policy to cover any persons wh ' serv without compensation shall be added if the policy would not otherwise cove vol nteers, or a waiver of defense based upon the exclusion of persons serving withou compensation shall be added. 10.1.4 Workers' Compensation insurance as applicable and required by law. ' 10.1.5 Directors and offcer liability insurance with such reasonable limits an cov rages 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 b in tHe best interests of the Association and the Owners. 10. Premiums; Improvements; Deductibles. Except as provided in Section 6_4, al insurance remiums shall t�e assessed and paid as part of an annual Assessment. I improveme ts and betterments to the Units are covered by the Association's property insurance any increas d cost may be assessed against the Units affected. The Association may, in the cas of a claim r damage to one or more than one Unit,(i)pay the deductible.amount as a Commo i Expense, (i ) assess the deductible amount against one or more than one Unit_ affected in an reasonable anner, or (iii) require the Owners of one or more than one Unit affected to pay th deductible mount directly. The Association's decision as to who shal] be charged with payin the deducti le amount may, but need not, be based on fault. Notwithstandin� anything to th contrary in his Section ]0, the Association may, in the case of claim against the Association' property in urance',assess the deductible amount against all of the Units equally in the event tha the deducti le amount is calculated by the insurance company based upon the percentage of th value or co t(replacement or otherwise)of one or more than one Unit or Building. 10.3 Loss Pavee; �nsurance Trustee. A[1 insurance coverage maintained by th Associatian shall be written in the name of, and the proceeds thereof shall be payable to, th Association (or a qualified insurance trustee selected by it) as trustee for the benefit of th MPLS-Word 95Z I.I 1 25 � i � •