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�:� • y„ � � 1 �ccurrence,against claims for death,bodily injury,property damage, and such other 'sks ' are customarily covered by such poiicies for projects similar in construction, loc tion nd use ta the Property. The palicy shal! contain a"severability of interest"endorse ent hich shall preciude the insurer from denying the claim of an Owner or Occ pant ecause af negligent acts of the Association or other Owners or Occupants_ The p licy �hall include such additiona! endorsements, coverages and Iimits with respect ta uch iazards as may be required by the regulations of the FHA, VA, FNMA, or FHLMC as a � �recondition to their insuring,purchasing,or financing a mortgage on a Unit. 10.1.3 Fidelity bond or insurance coverage against dishonest acts on the pa of � irectors, o�cers, managers, trustees, employees, or persons responsible for han ling . nds belonging to or administered by the Association, if deemed to be advisable b the oard or required by the regulations of any financing-related institution as a precond tion o the purchase, insuring, guarantee, or financing of a mortgage on a Unit. The fid lity nd or insurance shall name the Association as ihe named insured, and shall co ply �ith the regulations of the FNMA, FHLMC, FHA or VA, if required by one of uch gencies as a precondition to the purchase, financing, insuring, or gaarantee f a ortgage on a Unit. An appropriate endorsement to the policy to cover any persons ho ' erve without compensation shall be added if the policy would not otherwise c ver olunteers, or a waiver af defense basec3 upon the exclusian of persons serving wit out �ampensation shall be added. L0.1.4 Workers' Compensation insurance as applicable and required by law. . 10.1.5 Directors and officer liabi�ity insurance with such reasonable limits and overages 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. , ]0.2 Premiums; Improvements; Deductibles. Except as provided in Section 6_4 all insuranc premiums shall be assessed and paid as part of an annual Assessment. If improve ents and beiterrnents to the Units are covered by the Association's property insura ce, any incr ased cost rnay be assessed against the Units affected. The Association may, in the ase i 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 y 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 ded ctible amount may, but need not, be based on fault. Notwithstanding anything to the contrary,in this Section ]0, the Association may, in the case of claim againsi 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 insurance company based upon the percentage o the value or ost(replacement or otherwise)of one or more than one Unit or Building. f .3 Loss Pavee; insurance Trustee. Atl insurance coverage maintained by the Associat an shall be written in the name of, and the proceeds theceof shall be payable to, the Associat on (or a qualified insurance trustee selected by it) as trustee for the benefit of the MPLS-Word 5281.0 25 ---- - .—. ... i I