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�:� • Y. � occu ence,against claims for death, bodily injury,property damage, and such other risks as ar ,customarily covered by such policies for projects similar in construction, location and u e to the Praperty. The palicy shall contain a"severability of interest"endorsement , whict� shall preciude the insurer from denying the claim of an Owner or Occupant ' becau e of negligent acts of the Association or other Owners or Occupants. The policy shali -nclude such additiona[ endorsements, coverages and limits with respect ta sucr � hazar s as may be required by the regu9ations of the FHA, VA, FNMA, or FHLMC as a � preco dition to Their insuring,purchasing,or financing a mortgage on a Unit. !0.1.3 Fidelity bond or insurance coverage against dishonest acts on the part of direc rs, officers, managers, trustees, employees, or persons responsible for handling . funds belonging to or administered by the Association, if deemed to be advisable by the Boar or required by the regulations 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 ihe named insured, and shall comply wsth the 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 gvarantee of a mort age on a Unit. An appropriate endorsement to the policy to cover any persons who ' serv without compensation shall be added if the policy would not otherwise cover volu teers, or a waiver of defense based upon the exclusian of persons serving without cam�ensation shall be added. IO.I.4 Workers' Compensation insurance as applicable and required by law. 10.1.5 Directors and officer liabxlity 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 deterrnine from time to time to be in th best interests of the Association and the Owners. ]0.2' Premiums; Imarovements; Deductibles. Except as provided in Section 6_4, all insurance rerniums shall be assessed and paid as part of an annual Assessment. I improveme ts and betterrr►ents to the Units are covered by the Association's property insucance, any increas d cost may be assessed against the Units affected. The Association may,in the cas of a claim f r dama�e 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 shall 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 Eha the deducti le amoant 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. f 0. Loss Pavee; Insurance Trustee. Atl insurance coverage maintained by th Associatio shall be written in the name of, and the proceeds thereof shall be payable to, th Associatio {or a qualified insurance trustee selected by it) as trustee for the bene�t of th � MPLS-Word 95 81.11 25 i i I