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{ • , occurrence,against claims for death,bodily injury,property damage, and such other ris ' as �re customarily covered by such poiicies for projects similar in canstruction, locatio and use to the Property. The policy shall contain a"severability of interest"endarseme t which shall preciude the insurer from denying the claim of an Owner or Occup t bec�use af negligent acts of the Association or other Owners or Occupants_ The poli y sha�11 inc3ude such additiana! e7dorsements, coverages and limiis with respect ta suc. _ hazards as may be required by the regu9ations of the FHA, VA, FNMA, or FHLMC as a precondition to their insuring,purchasing,or financing a mortgage on a Unit. I0.13 Fidelity bond or insurance coverage against dishonest acts on the part f direciors, 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 Bo rd or required by the regulations of any financing-related institution as a preconditi n to �e purchase, insurin�, guarantee, or financing of a mortgage on a Unit. The fideli � bond or insurance shall name the Association as the named insured, and shal] comp y with the regulations of the FNMA, FI-ILMC, FHA or VA, if required by one of su h agencies as a precondition to the purchase, financing, insuring, or guarantee of a mdrtgage on a Unit. An appropriate endorsement to the policy to cover any persons w 'o ' serve without compensation shall be added if the policy would not othenuise cov r � volunteers, or a waiver of defense basea upQn the exclusion oP persons serving witho t co�npensation shall be added, L0.1_4 Workers' Compensation insurance as applicable and required by law. 10.1.5 Directors and officer liabiiity insurance with such reasonable limits a d. coLerages 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 e in the best interests of the Association and the Owners. ]0.2 Premiums; Improvements; Deductibles. Except as provided in Section 6_4, 11 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 insuran e, any incre�sed cost may be assessed against the Units affected. The Association may, in the ca e of a claim for damage to one or more than one Unit, (i) pay the deductible amount as a Comm n i Expense, (ii) assess the deductible amount against one or more than one Unit affected in a y reasonabl� manner, or(iii) require the Owners of one or more than one Unit affected to pay e deductib!$ amount directly. The Association's decision as to who shall be charged with gayi g the deductible amount may, but need not, be based an fault. Notwithstanding anything to t e contrary in this Section ]0, the Association may, in the case of claim against the Associatio 's property i surance�,assess the deductible amount against all of the Units equally in the event t at the deduc�ble amount is calculated by the insurance company based upon the percentage of e value or cost(replacement or otherwise)of one or more than one Unit or Building. 1 QI.3 Loss Pavee; Insurance Trustee. All insurance coverage maintained by e Associatipn shall be written in the name of, and the proceeds thereof shall be payable to, e Association (or a qualified insurance trustee selected by it) as trustee for the benefit of e MPL.S-Word I5281.11 25 i i