HomeMy WebLinkAbout1902 (2) such other risks as from time to time st~all
be customarily covered with respect to buildinqs similar in construction,
location and use as the buildinqs on the land, includinq but not limited
to vandalism and malicious mischief.
(b) Public liability in such amounts and with such
coverage as shall be required by the board of directors of the Associa-
tion, includinq but not limited to hired automobile and nonowned auto-
mobile coverages, and with cross liability endorsement to cover lia-
bilities of the unit owner~as,a group to a unit owner. -
(c) Workmen's compensation policy to meet the re-
quirements of law.
(d) Such other insurance as the board of directors
of the Association shall determine fmm time to time to be desirable.
8.3. Premiums. Premiums upon insurance policies pur-
chased by the Association shall be paid by the Association as a con~rion
expense. ~
8.4. Shares of Insurance Proceeds. All insurance policies
purchased by the Association shall be for the benefit of the Association
and the unit owners and their mortgagees as their interest may appear.
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~ The duty of the Association shall be to receive such proceeds as are
~ .paid and hold the proceeds in trust for the purposes else~here atated
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~ in this instrument ar~d for the benefit of the unit owners and their
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~ mortgagees in the following shares:
_ (a) Com~non elements. Proceeds on acoount of damage
to common elements - an undivided share for each unit owner, such share
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being the same as the undivided share in the oommon elements appurtenant ~
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to his unit. .
(b) Units. Proceeds on account of damage to units ~
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~ shall be held in the followinq undivided shares: ~
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~ (1) When the unifis are to be restored - for the
~ owners of dama ed units in po
~ g pro rtion to the cost of repairing the
damage suffered by~each unit owner, which cost shall be determ.ined by
the Association.
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