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ARTICI,~ XIII: INSURANGE
A. Authority to purchase. All insurance policies upon the ~
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condominium property shall be purchased by the Association. The '
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named insured shall be the Association individuslly and as agent E
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for the apartment owners, without naming them, and as aqent for ~
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their mortgaqees. Provision ahall be made for the issuance of ~
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mortgaqee endorsements and memoranda of insurance to the mort-
qagees of apartment owners. Such policies shall provide that pay-
ments by the insurer for losses shall be made to the insurance
trustee hereinafter designated, and all policies and their endorse- .
n?ents shall be deposited with the insurance trustee. Apartment
owners may obtain coverage at their awn expense upon their personal
property and for their personal liability.
B. Coverage. Coverage-shall be as follows:
i. Casualty. The apartment building shall be insured
in an amount equal to its maximwn insurable replacement
value, excluding foundation and excavation costs, and ~
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all personal pro~ierty included in the common elements
' shall be insured for its value, all as determined
I annually by the board of directors of the Association.
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k Such coverage shall afford protection against:
a. Loss or dan~age by fire and other hazards covered
by a standard extended coverage endorsement, and
b. Such other risk as from time to time shall be
customarily covered with respect to buildings
similar in construction, location and use as the
apartment building, includinq but not limited .
~ to vandalism and malicious mischief.
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~ ii. Public liability. Public liability insurance in such
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~ amounts and with such coverage as shall be required
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~ by the board of directors of the Association, in-
cluding but not Iimited to hired automobile and non-
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= N[ILL ORIiFIN JCFFRIES i LLOTO ~OOKI~~ fINK~~~ •
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P O BOx 1270• fORT PiERCE, iLORIDA 33ab0 - TEIEPMONE (305)~6s-B200
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