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i I occurrence, against claims for death,bodily injury,property damage, and such other ris ' as �re customarily covered by such policies for projects similar in canstruction, locati n and use to the Property. The policy shall contain a"severability of interest"endorseme t which shall preciude the insurer from denying the claim of an Owner or Occupa t because �f negligent acts of the Association or other Owners or Occupants. The po(i y shall include such additianat endorsements, cove:ages and limits wiih respect ta su h � ha�ards as rnay be required by the regu3ations of the FNA, VA, FNMA, or FHLMC as a precondition to their insuring,purchasing,or financing a mort�age on a Unit. , 10.1.3 Fidelity bond or insurance coverage against dishonest acts on the part f � dir�ctors, officers, managers, trustees, employees, or persons responsible for handli g . funds belonging to or administered by the Association, if deemed to be advisable by e Board or required by the reguiations of any financing-related institution as a preconditi to the purchase, insuring, guarantee, or financing of a mortgage on a Unit. The frdeli � bond or insurance shall name the Association as ihe named insured, and sha]] comp] with the regulations of the FNMA, FNLMC, FHA or VA, if required by one of su agencies as a precondition to the purchase, financing, insuring, or guarantee of a mortga�e on a Unit. An appropriate endorsement to the policy to cover any persons w ' sec�jre without compensation shall be added if the policy would not otherwise cov r � volunteers, or a waiver af defense based upon the exclusion of persons serving witho t compensation shall be added. I L0.1.4 Workers' Compensation insurance as applicable and required by law. �' 10.1.5� Directors and officer liability insurance with such reasonable limits an . 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 to in the best interests of the Association and the Owrcers. 10.� Premiums; lmprovements; Deductibles. Except as provided in Section 6.4, a I insurance premiums shall be assessed and paid as part of an annual Assessment. f im�rovements and betterments to the Units are covered by the Association's property insuranc , any increased cost may be assessed against the Units affected. The Association may, in the cas of a claim �'or damage 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 manner, or(iii) require the Owners of one or more than one Unit affected to pay th deductibte amount directly. The Association's decision as to who shal] be charged with payin the deductjble amount may, but need not, be based an fault. Notwiths#andin� anything to th contrary in this Section ]0, the Association may, in the case of claim against the Association' property insurance',assess the deductible amount against all of the Units equally in the event fh t the deductible amount is calculated by the insurance company based upon the percentage of th value or co'Ist{replacement or otherwise)of one or more than one Unit or Building. 10.3 Loss Pavee; insurance Trustee. All insurance coverage maintained by th Associatiac� 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 benefit of th MPLS-Word 95�81.11 25 i ----- - .—. ... i