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. i : : . , occurrence,against claims for death,bodily injury,property damage, and such other ris ' as are custamariIy covered by such policies for projects similar in canstruction, ]ocati n and use to the Property. The policy shalt contain a"severability of interest"endarseme t which shall preciude the insurer from denying the claim of an Owner or Occup�t be�ause of negligent acts of the Association or other Owners or Occupants. The poli y shall includ� such additivr.a! e�dorsements, cove:ages and limits with respect ta suc � haz,ards 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. 10.1.3 Fidelity bond or insurance coverage against dishonest acts on the part f dir�ctors, officers, managers, trustees, employees, or persons resgonsibie for handlin . fun�ds belonging to or administered by the Association, if deemed to be advisable by th Board or required by the reguiations of any financing-related institution as a preconditio to the purchase, insurinb, guarantee, or financing of a mortgage on a Unit. The fideli bond or insurance shall name the Association as ihe named insured, and shal] compl with the regulations of the FNMA, FNLMC, FHA or VA, if required by one of suc agepcies as a precandition to the purchase, financing, insuring, or guarantee of mortgage on a Unit. An appropriate endorsement to the policy to cover any persons wh ' serve without compensation shall be added if the policy would not otherwise cov volunteers, or a waiver of defense based upon the exclusion of persons serving witho t compensation shall be added. I 10.1.4 Workers' Compensation insurance as applicable and required by law. I 10.1.5 Directors and officer liability insurance with such reasonable limits an�i. cov�rages 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 b� in tl�e best interests of the Association and the Owners. ]0.2 Premiums; Improvements; Deductibles. Except as provided in Section 6_4, al insurance prerniums shall be assessed and paid as part of an annual Assessment. I im�rovemehts and betterments to the Units are covered by the Association's propeRy insurance any increas�d cost may be assessed against the Units affected. The Association may, in the cas of a claim for 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 deductible amount directly. 1fie Association's decision as to who shall be charged with payin the deductible amount may, but need not, be based an fauit. Notwithstanding anyching to th contrary in this Section ]0, the Association may, in the case of claim against the Association' property in�urance,assess the deductible amount against all of the Units equally in the event Eha the deductible amount is calculated by the insurance company based upon the percentage of th� value or cost(replacement or otherwise)of one or more than one Unit or Building. f 0.31 Loss Pavee; Insurance Trustee. Atl insurance coverage maintained by th Associatianl shall be written in the name of, and the proceeds thereof shall be payable to, th Associatianl {or a qua]ified insurance trustee selected by ii) as trustee for the benefit of th MPLS-WorJ 952$I.11 zs ' i - -- - — - i