Condominium Declaration - Laserfiche WebLink

Home Browse Search

>:� • �� - . � . 1 o currence,against claims for death,bodily injury,property damage, and such other ri ks ' as�are customarily covered by such policies for projects similar in construction, locat on a 'd use to the Property. The policy shall contain a"severability of interest"endarsem nt w ich shall preciude the insurer from denying the claim of an Owner or Occup t b anse af negligent acts of the Association or other Owners or Occupants. The pol cy sh II include such additiana[ endorsemeats, cove:ages and limits with respect to s ch ha ards as may be required by the regu3ations o#'the FHA, VA, FNMA, or FHLMC a a pr�condition to their insuring,purchasing,or financing a mortgage on a Unit. (0.1.3 Fidelity bond or insurance caverage againsi dishonest acts on the part of � di ectors, officers, managers, trustees, emptoyees, or persons responsibie for handli g . fu�ids belonging to or administered by the Association, if deemed to be advisable by e B ard or required by the regulations of any financing-related institution as a preconditi n to�the purchase, insurin6, guarantee, or financing of a mortgage on a Unit. The fidel ty bo d ar insurance shall name the Association as the named insured, and shal] com ly wi�h the regulations of the FNMA, FHLMC, FHA or VA, if required by one of su h ag nctes as a precondition to the purchase, financing, insuring, or guarantee o a m rtgage on a Unit. An appropriate endorsement to the policy to cover any persons w o ' se e without compensation shall be added if the policy would not otherwise co er vo unteers, or a waiver af defense based upon the exclusion of persons serving with ut co�npensation shall be added. � 10.l.4 Workers' Compensation insurance as applicable and required by law. 10.1.5 Directors and officer liability insurance with such reasonable limits a d co�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 to e in he best interests of the Association and the Owners. ]0 2 Premiums; Improvements; Deductibles. Except as provided in Section 6_4, 11 insurance premiums shall be assessed and paid as part of an annual Assessment. If improvem nts and betterments to the Units are covered by the Association's property insuran , any increa ed cost may be assessed against the Units affected. The Association may, in the ca e of a claim,for damage to one or more than one Unit, (i) pay the deductible amount as a Comm n i Expense, �ii} assess the deductible amount against ane or more than one Unit affected in a y reasonabl manner, or(iii) require the Owners of one or more than one Unit affected to pay e deductible amount directly. The Association's decision as to who shall be charged with payi g the deduc �ble amount may, but need not, be based on fault. Notwithstanding anything to t e contrary i this Section ]0, the Association may, in the case of claim against the Association s property i surance�,assess the deductible amount against all of the Units equally in the event th t the deduct ble amoant is calculated by the insurance company based upon the percentage of e value or e st(replacement or otherwise)of one or more than one Unit or Building. 10. Loss Pavee; Insurance Trustee. All insurance coverage maintained by t e Associatia shall be written in the name of, and the proceeds thereof shall be payable to, e Associatio {or a qualified insurance trustee selected by it) as trustee for the benefit of t e MPLS-Word 95R81.11 25 i , i � .