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i ''+ � +. � o currence,against claims for death, bodily injury,property damage, and such other ri ks ' are customarily covered by such policies for projects similar in construction, loca 'on a d use to the Property. The policy shall contain a"severability of interest"endorserr�ent hich shall preciude the insurer from denying the claim of an Owner or Occup�ant b canse of negligent acts of the Association or other Owners or Occupants. The po�icy s� all include such additiana! endorsements, coverages and limits w;th respect to s ch � h zards as may be required by the regu9ations of the FHA, VA, FNMA, or FHLMC s a p econdition io their insuring,purchasing,or financing a mortgage on a Unit. i !0.1.3 Fidelity bond or insurance coverage against dishonest acts on the pa of d'lrectors, officers, managers, trustees, emp}oyees, or persons responsible for handl'ng . funds belonging to or administered by the Association, if deemed to be advisable by the B�oard or required by the regulations of any financing-related institution as a precondit'on to the purchase, insuring, guarantee, or financing of a mortgage on a Unit. The fide ity � bpnd or insurance shall name the Association as the named insured, and shal] co ]y v�f ith the regulations of the FNMA, FHLMC, FHA or VA, if required by one of s ch a encies as a precondition io the purchase, financing, insuring, or gvarantee o a ortgabe on a Unit. An appropriate endorsement to the policy to cover any persons ho ' s rve without compensation shall be added if the policy would not otherwise c er v lunteers, or a waiver of defense based upon the exclusion of persans serving wi ut c mpensation shall be added. L0.1.4 Workers' Compensation insurance as applicable and required by law. 10.1.5 Directors and officer liability insurance with such reasonable limits �nd. c �erages as the Board shall determine from time to time. 10:1.6� Such other insurance as the Board may determine from time to time t be i the best interests of the Association and the Owners. 1 b.2 Premiums; Imarovements; Deductibles. Except as provided in Section 6_4, all insuranct premiums shall be assessed and paid as part of an annual Assessment. If im�rovecnents and betterments to the Units are covered by the Association's property insura ce, any incr�ased cost may be assessed against the Units affected. The Association may, in the ase of a clai� for damage to one or more than one Unit,(i)pay the deductible amount as a Co on i Expense' (ii) assess the deductible amount against one or more than one Unit affected in ny reasona le manner, or(iii) require the Owners of one or more than one Unit affected to pay the deductib e amount directly. The Association's decision as to who shall be charged with pa ing the dedu tible amount may, but need not, be based on fault. Notwithstandin� anything to the contrary in this Section ]0, the Association may, in the case of claim against the Associati n's property insurance', assess the deductible amount against all of the Units equally in the event hat the dedu tible amount is calculated by the inswance cornpany based upon the percentage of the value or ost(replacement or otherwise)of one or more than one Unit or Building. � 1 3 Loss Pavee; Insurance Trustee. All insurance coverage maintained by Ithe Associat an shall be written in the name of, and the proceeds thereof shall be payable to,lthe Associat on (or a qualified insurance trustee setected by ii) as trustee for the benefit of the MPLS-Word 95281.11 25 i i ,