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. • , i occurrence,against claims for death, bodily injury,property damage, and such other ris ' as are customarily covered by such poiicies for projects similar in construction, locatio and use to the Property. The policy shall contain a "severability of interest"endarsemen whi�h shall preciude the insurer from denyang the claim of an Owner or Occupan because af negligent acts of the Association or other Owners or Occupants. The polic s�all include such ad�itianad endorsements, cove:ages and limits with resp�ct ta suc � hazards as may be required by the regu3ations of the FHA, VA, FNMA, or FHLMC as preconditian to their insuring,purchasing,or financing a mort�age on a Unit. l0.1.3 Fidelity bond or insurance caverage against dishonest acts on the part o � directors, officers, managers, trustees, employees, or persons responsible for handlin , funds belonging to or administered by the Association, if deemed to be advisable by th Board or required by the regulations of any financing-related institution as a preconditio to the purchase, insuring, guarantee, or financing of a mortgage on a Unit. The frdeli � bond or insurance shall name the Association as the named insured, and shall compl wit the regulations of the FNMA, FHLMC, FHA or VA, if required by one of suc age cies as a precondition to the purchase, financing, insuring, or gt�arantee 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 atherwise cove volunteers, or a waiver of defense based upon the exclusion of persons serving withou compensation shall be added. � 10.1.4 Workers' Compensation insurance as applicable and required by law. 10.1.5 Directors and officer liability insurance with such reasonable limits an coverages as tlie 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 t e best interests of the Association and the Owners. i 10.2 Premiums; Improvements; Deductibles. Except as provided in Section 6_4, al� insurance premiums shall be assessed and paid as part of an annual Assessment. I im�rovements 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 cas of a claim fpr 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 anner, or(iii) require the Owners of one oc more than one Unit affected to pay th deductible �mount directly. The Associatian's decision as to who shall be charged with payin the deductible amount may, but need not, be based on fault. Notwithstanding anything to th contrary in this Section ]0, the Association may, in ihe case of claim against the Association' property insurance',assess the deductible amount against all of the Units equally in the event Eha the deducti le amount is calculated by the insurance company based upon the percentage of th value or co�t(replacement or otherwise) of one or more than one Unit or Building. ]0.3�' Loss Pavee; insurance Trustee. A[l insurance covera�e maintained by th Association shall be written in the name of, and the proceeds thereof shall be payable to, th Associatian (or a qua]ified insurance trustee selected by it) as trustee For the benefit of th MPLS-Word 952�1.11 25 i - ---- . .—. ... i , �