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A. Ai;1 HORITY F't'RCHASE ; N~iED IP:SliRED . Ali ins:,rar~ce
F~licies uFon tre Cor.domir.iL:r.: propert~,~ shall ~e purc!~~ased 'o,; L~:e as-
s: cia~ior~. Tr:e narned ir.sured shall be tre Assoc~ation, yr.divid~~ally,
ar.d as ager~ for the dwelling ur:i~ cwners, wi~ho~.t r.amir:~ t~:e:r,, and
as a~er.t for their ~nort~a~ees. Provision shal? be ^:ade f;r the issuar.ce
cf :r:~rtga~ee endorseme.^.ts ar.d :~.emorar.da of insurar.ce tc the mortgagees
of d8ellin~ ur.it owr~ers. ~ucr. policies shall pr~vide ~'r.at pa~-r~er*s bti-
~re ~ns~:rer far losses shall be made `o tne Insurance Trus~ee for *he
ber,efi* of the ber~eficial dh~ellir,g ~nit ewners, and all poi~cies ar:d
~he~r er.dorse^~ents shall ~e deposited k*ith *he Insurance Tr::s*ee, ar.d ~
.
wi*~: the r~.ortgagee, if required by *he mortgagee. ~h.e dwellin~ ~anit
~wr.ers .^::a~~ obta;r_ ccverage a` t::eir cwn exper.se upon th~ir personal
prc?pert_; and fcr tr:eir Fersor.al l~abilitt- and licir:~ exper.se.
~ . C ^~rERkGE . j
i
3
l. Casualty. Aii buildir.gs and improvemen~s 3
upon ~'~e ~ and shai~ be insured in ar. amo~ar.t
eq_ual t~ the ^?aximum insurable replacemert .i
va3ue , exc~udir~ founda~ior. and excavatior~ ~
cests, ar.d all persor:al property included
i:: ~!:e cam.^~ion elemer.ts shall be ir:sured for
i~s value, all as determined annually by *..h~
~ Loard of Directors of the association. Such
~ coverage s:~all afford pro~ection against:
~
a. Loss or Dama~e br fire ar.d other hazards
~ covered ~y a s*andard ex~er.ded coverage
: er.dorsemer~* , and
f
~ ~~:c:: ~~ther Risks as fr~m. time to *ime shall
$ be customar~ly covered with respzc~ to
buiidir~gs similar in cor.str~actior., loca-
X ~~or. ar~d use as the buildir~g on the lar:d,
; ir:cludir.g bu~ not limited ~o vandalism,
malicious r.:ischief, w~ndsterTi ar~d wa~er
~ dar~:age .
~
2. Public Liabilit;~ ;n sucr arr,ounts and wit!: such
~ coverage as shall be required bv t7e Bcara ~f
~ Directors of the Association, ir.cladirg bu~
not li:r.ited to ~ired au*omobile coverages,
f and wi~r: cross liability endorsement to ccver
Q liabiii*ies af the dwellir~g ~ni~ evmers as a
' ~r~ ~:p te a dwe3lir~ ~:r:i* ewner.
~
- ~rk^:er.' s Ccmpensat ior: FoI; cy t e nee ~ ~he re-
_ a~;iremen~s of ~he law, if nu^:ber ;;f e~:picyees
come witrir. the Workmen's ~omper,sa~~o:: l~c~.
g "`_.i:~r Insurar.ce s:~ch as `.:~e Board cf Lirec*ors
of *he Assecia~icr~ shall deterr~.~r.e frar-, ~ir:e
tc ~ime to be des~rable.
PPi?~:I~if~ Premi~:.^:s ~~ror: ir,surance pe? ~cies purchased
~ e~ssocia` sr:all be pa~d ~.r `r:e Ass: c~a~ior_ ard ~::ar~ed * o `'::e
;y
= _ 1 ~ _ goflx i99 634
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