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�i� � y. occurrence,against claims for death,bodily injury,property damage, and such other risks ' as are customarily cavered by such poiicies for projects similar in construction, location and use to the Property. The palicy shall contain a"severability of interest"endorsement which shall preciude the insurer from denying the claim of an Owner or Occupant . becanse of negligent acts of the Association or other Owners or Occupants. The policy . shalt include such additiana! endorsements, coverages and limits with respect ta such hazards as may be required by the regulations of 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 coverage against dishonest acts on the part of � directors, officers, managers, trustees, employees, or persons responsible for handling . funds belonging to or administered by the Association, if deemed to be advisable by the Board or required by the regulations of any financing-related institution as a preconditian to the purchase, insurinb, guarantee, or financing of a mortgage on a Unit. The fidelity bond or insurance shall name the Association as ihe named insured, and shall comply with the regulations of the FNMA, FNLMC, FHA or VA, ifrequired by one of such agencies as a precondition to the purchase, financing, insuring, or gvarantee of a mortgage on a Unit. An appropriate endorsement to the policy to cover any persons who ' serve without compensation shall be added if the policy would not otherwise cover volunteers, or a waiver of defense basec3 upon the exclusion of persons serving without compensation shall be added. L0.]_4 Workers' Compensation insurance as applicable and required by law. 10.].5 Directors and officer liabi9ity 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 to be in the best interests of the Association and the Owners. 10.2 Premiums; Imarovements; Deductibles. Except as provided in Section 6_4, all insurance premiums shall be assessed and paid as part� of an annual Assessment. If improvements and betterments to the Units are covered by the Association's property insurance, 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 Common i Expense, (ii) assess the deductible amount against one or more than one Unit affected in any reasonable manner, or(iii) require the Owners of one or more than one Unit affected to pay the deductible amount directly. The Association's decision as to who shall be charged with paying the deductible amount may, but need not, be based on fault. Notwithstanding anything to the contrary in this Section l0, the Association may, in the case of claim againsi the Association's property insurance,assess the deductible amount against all of the Units equally in the event fhat the deductible amoant is calculated by the insurance company based upon the percentage of the value or cost(replacement or otherwise)of one or more than one Unit or Building. f d3 Loss Pavee; Insurance Trustee. All insurance coverage maintained by the Association shall be written in the name of, and the proceeds thereof shall be payable to, the Association (or a qualified insurance trustee selected by it) as trustee for the benefit of the MPLS-Word 95281.11 zs � i