Condominium Declaration - Laserfiche WebLink

Home Browse Search

s:� � y. I occurrence,against claims for death,bodily injury,property damage, and such other isks ' as are customarily covered by such poiicies for projects similar in construction, loc tion and use to the Property. The policy shall contain a"severability of interest"endarse ent which shall preciude the insurer from denying the claim af an Owner or Occ ant because af negligent acts of the Association or other Owners or Occupants. The p licy shali include such additiana! endorsements, coverages and limits with respect ta uch � hazards as may be required by the regulations o#'the FHA, VA, FNMA, or FHLMC as a precondition to their insuring,purchasing,or financing a mortgage on a Unit. 10.1.3 Fidelity bond or insurance caverage against dishonest acts on the pa of directors, officers, managers, trustees, emptoyees, or persons responsih�e for han ling , funds belonging to or administered by the Association, if deemed to be advisable b the Board or required by the regulations of any financing-related institution as a precand tian to the purchase, insurin6, guarantee, or financing of a morigage on a Unit. The fi lity bond or insurance shall name the Association as the ttamed insured, and shall co ply with the regulations of the FNMA, F�-lLMC, FHA or VA, if required by one of uch agencies as a precondition to the purchase, financing, insuring, or gaarantee f a mortgage on a Unit. An appropriate endorsement to the policy to cover any persons who ' serve withaut compensation shall be added if the policy would not otherwise ver � volunteers, or a waiver of defense based upon the exclusion of persons serving wi out compensation shall be added. 10.1.4 Workers' Compensation insurance as applicable and required by law. l0.].5 Directors and officer liability insurance with such reasonable limits and. coverages as the Board shall determine from time to time. 10.1.6. Such other insurance as the Board may determine from time to time o be in the best interests of the Association and the Owners_ 10.2 Pre�niums; Improvements; Deductibles. Except as provided in Section 6_ , all insurance premiums shali be assessed and paid as part of an annual Assessment. If improvements and betterments to the Units are covered by the Association's property insur nce, any increased cost may be assessed against the Units affected. The Association may, in the case of a claim 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 i any reasonable manner, or(iii) require the Owners of one or more than one Unit affected to pa the deductibie amount directly. The Association's decision as to who shall be charged wi•th p ying the deductible amount may, but need not, be based on fault. Notwithstanding anything t the contrary in this Section ]0, the Association may, in the case of claim against the Associat an's property insurance', assess the deductible amount against all of the Units equally in the even that the deductible amount is calculated by the insvrance company based upon the percentage f the value or cost(replacement or otherwise)of one or more than one Unit or Building. 103 Loss Pavee; insurance Trustee. Ail insurance coverage maintained b the Associ�tion shall be written in the name of, and the proceeds thereof shall be payable t , the Associ�tion (or a qualified insurance trustee selected by it) as trustee for the benefit o the MPLS-Wo�d 95281.11 25 i --- - .—. ... , i