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>i� • y, i pccurrence,against claims for death,bodily injury,property damage, and such other risks ' s are customarily covered by such policies for projects similar in construction, loc tion nd use to the Property. The palicy shall contain a"severability of interest"endorse ent hich shall preclude the insurer from denying the claim of an Owner or Occ pant ecanse af negligent acts of the Association or other Owners or Occupants. The p licy halI include such additiana! endorsements, coverages and limits with respect to such � azards as rnay be required by the regulations of the FHA, VA, FNMA, or FHLM as a � recondition tp their insuring,purchasin�;,or financing a mort�age on a Unit. I0.1.3 Fidelity bond or insurance caverage against dishonest acts on the p rt of irectors, officers, managers, trustees, empEoyees, 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 fi lity � ond or insurance shall name.the Association as the 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, inswing, or guarantee 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 of defense based upon the exclusion of persons serving wit out ompensation shall be added. l0.].4 Workers' Compensation insurance as applicable and required by law. ' 10.1.5 Directors and officer liability insurance with such reasonable limits and overages as the Board shall determine from time to time. 10.1.6 Such other insurance as the Boazd 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 insuran e premiums shall be assessed and paid as part of an annual Assessment. If improv ents and betterments to the Units are covered by the Association's property insur ce, any incr ased cost may 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 Expens , (ii} assess the deductible amount against ane or more than one Unit affected in any reasona'le manner, or(iii) require the Owners of one or more than one Unit affected to pa the deducti le 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 against the Associati n's propert insurance�,assess the deductible amount against all of the Units equally in the event fhat the ded ctible amoant is calculated by the insurance comp.any based upon the percentage o the value or cost(replacement or otherwise)of one or more than one Unit or Building. 10.3 Loss Payee; insurance Trustee. All insurance coverage maintained by the Associa ian shall be written in the name of, and the proceeds thereof shalt be payable to, the Associa 'an {or a qualified insurance trustee selected by it) as trustee for the benefit of the MPLS-Word 95281.I 1 25 i i ----- - .—. ... i