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>:� • y� occurrence,against claims for death,bodily injury,property damage,and such other risks ' as are customarily covered by such policies for projects similar in construction, location and use to the Property. The policy shall contain a"severability of interest"endorsement which shall preclude the insurer from denying the claim of an Owner or Occupant . because of negligent acts of the Association or other Owners or Occupants. The policy - shall include such additional endorsements, coverages and limits with respect ta such hazards as rnay be required by the regulations of the FHA, VA, FNMA, or FHLMC as a precondition to their insuring,purchasing,or financing a mort�age on a Unit. I0.1.3 Fidelity bond or insurance coverage against dishonest acts on the part of � directors, officers, managers, trustees, employees, or persons responsible for handling . funds belanging 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 precondition to the purchase, insurinb, guarantee, or financing of a mortgage on a Unit. The fide)ity bond or insurance shall name ihe Association as the named insured, and shall comply with the regulations of the FNMA, FHLMC, 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. 10.].4 Workers' Compensation insurance as applicable and required by law. 10.1.5 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 determirie from time to time to be in the best interests of the Association and the Owners_ ]0.2 Premiums; Improvements; Deductibles. Except as provided in Section 6_4, all insurance premiums shall he assessed and paid as part� of an annual Assessment. If improvements and beiterments 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 i 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 deductibie amount directly. T'he Association's decision as to who shal] be charged with paying the deductible amount may, but need not, be based on fault. Notwithstanding anything to the contrary in this Section 10, the Association may, in the case of claim against the Association's property insurance�,assess the deductibie amount against all of the Units equally in the event fhat the deductible amount is calcnlated 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. 103 Loss Pavee; lnsurance 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 2$ i