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(14) Insurance: The insurance, other than title insuranc , ;
~ which shall~e
c`axr~ed upon the condominiuaa pro rt and
. property of the condominitm? ~ y
parcel owners shall be qoverned i ~
by the following provisions: ; ~
- (14.1) Authorit to Purchase; Named Insured: All ~ ~
; insurance policies upon e con am n im? parce e a e purchase~d
by the Association for the benefit of the Association and i
the condaninium unit owners as their interest mny appear. ~
Condominiunn unit awners may obtain insuramce coverage at their
awn expense upon their own personal property and for their j
personal liability a~cid living expense. ~
(14.2) Coverage: ~
, . ;
~ (a) Casualt : All buildings and improvements
upon the land an a gersonal property included in the
condominium parcel, other than personal ptoperty a~wned
- by condominiwn unit awners, shall be insured in an aniount (
equal to the maximum insurable replacement value, excludinq;
foundation and excav~tion cost. Such coveraqe ahall ;
afford protection against loss or damage by fire ar~d R
other hazards covered by a standard extended coverage
endorsement and auch other risks as from time to time~'~~~
will be customarily covered with reapect to buildinqs i
similar in construction, location aad use as the buildings i
on said land, including, but not limited to, vandalism ~
and malicious mischief. ~
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(by Public Liability: Public liability in ;
such amounts and wi su coverage as shall be required !
by the Board of Directors of the Association, including, ~
~ but not limited to, hired automobiles and non-owned autoanob~le
coverages and with cross liab3lity endorsements to cover !
liabilities of the condaninium unit ow:~ers as a group i
to a condomini~m unit owner. ~
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t
(ci Workmen's Co ensation: Workmen's Compen- ~
sation to meet e requ rements of aw. ~
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(d) Such other:insurance as the Board of Dir- ~ 3
~ ectors of the Association ahall detenaine fran time to t
time to be desirable.
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(14.3) Premiums upon insurance policies purchased
by the Association shall be paid by the Association as a co~amon
i expense. ;
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~ (14.4) Al1 insurance policies purchased by the
; Association ehall be for the benefit of the Association and ;
the condaminium unit owners, as their interests may appear, ;
and shall provide that all proceeds covering casualty losses ;
shall be paid to the Association. Proceeds on account of
damage to coannon elements shall be held as property of the j
condaniniwn unit vwners in accordance with the percentages f
herein specified. ~
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