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HomeMy WebLinkAbout2733 _ The Board of Directors~of the Association ahall obtain Public Liability and Property Damaqe in~urance aoverinq all of the common elementa and the condominfum unita, and insurinq tYie Association and the unit ownera as its and thefr interest appear, in auoh ~ amounts as the Board of D-irectors of the Associati.on may cietermine from time to time, provided that the minimum amount of coverage ' shall be $250,000/500,000/10,000. Said insurance shall include, but not limit the same, to water damaqe, ff available, legal lia- bility, hired autamobfle, non-owned automobile and off-premises einployee coverages. All liability insurance shall contain crose- liability endorsement to cover liabilities of the unit owners.as a group to a unit owner. Premiwns for the payment of such inaur- ance shall be paid by the Associatio~and charqed as a common expense. B. Casualty Insurance 1. Purchase of Insurance The Association shall obtain fire and exten coverage insurance and vandalism and malicious . mischief insurance insuring all of the insurable improvements with- in the condominium includinq personal property owned by the Associ- ation, in and for the interest of the Association, all unit owners and their mortgagees, as their interests may appear, in a company acceptable to the standards set by the Board of Directors of the Association, in an amount equal to the maximum insurable replace-. ment value as determined annually by the IIoard of Directors of the Association; the premiums for such coverage and other expenses~in connection with said insurance~shall be paid by~the Association and charqed as a coironon expense. The company or companies with whom the Association shall glace its insurance coveraqe as provided in this Declaration must be qood and responsible companies authorized to do busineas'in the State of Florida. I ~ 2. Loss Pa able Provisions All policies purchased by . ~ the Asaociation s a 1 be for e enefit of the Association, all ~ unit owners and their mortqaqees, if any,-as their interest may E appear. a. Sur lus It shall be presumed that the first moneys disburse~l in payment of costs of repair and restoration . shall~be made from the insurance proceeds; and if there is a balance in the funds after payment of all costs of the repair and restosation, sucb balance shall be distributed to the Asao- ciation's General Fund. ~ b. Plans and S ecifications. Any repsir a~d restor- ation must be substantia y in acco~ ance with the plans and # specifications for the oriqinal improvements, or accordinq to - ~ the plans approved by the Board of Directors of the Asso~iation, which approval shall not be wnreasonably withheld. ; ~ ~ c. Such other insurance shall be carried as the ~ ~ Board of Directors of the Association shall determine from time to time to be desirable. ~ d. Each individual unit owner shall be responsible for purchasinq at his own expense, any additional liability in- ~ surance as he may deem necessary to cover accidents occurrinq ~ upon his own unit, and for the purchasing of insurance upon his ; own personal property. ~ ~ ~ XIII. ; USE AND OCCUPANCY 1.'~ ~i All lots, parcels or uuits which are desiqr~ated on ~ - ~ - goox~86 ~~7~ , - - _ s:. .