HomeMy WebLinkAbout0102 unit owners, without naming them, and as agent for their mortgagees . Provision shall be made
for the issuance of mortgagee endorsements and memoranda of insurance to the mortgagees of
dvvelling unit owners . Such policies shall provide that payments by the insurer for losses shall
t~e made to the Insurance Trustee for the benefit of the beneficial dwelling unit owners , and alI
policies and their endorsement shall be deposited with the Insurance Trustee, and with the
mortgagee if required by the mortgagee. The dwelling unit owners tnay obtain coverage at ,
their own expense upon their personal property and for their personal liability and living
e scpen se .
B . Coverage .
1. Casualty . All buildings. and improvements upon the land shall be insured in
an amount equal to the maximum insurance replacement value, excluding foundarion and exca-
varion costs . and all personal property included in the common elements shall be insured for
~ its value , all as determined annually by the Soard of Directors of the Association . Stich
~overage shall afford protection against:
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~ a. loss or damage by fire and other hazards covered by a standard ex-
~ tended coverage endorsement, and
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g b. such other risks as from time to rime shall be customarily covered with
~ respect to buildings similar in construcrion, location and use as the
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building on the land. including but not limited to vandalism, malicious
~ mischief. windstorm and water damage.
~ 2. Public liability in such amounts and with such coverage as shall be required
_ by the Board of Directors of the Association. including but not Iut~ited to hired automobile
coverages, and with cross liability endorsement to cover liabilities of the dwel2ing unit owners
` as a group to a dwelling unit owner.
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~ 3. Workmen`s compensation policy to meet the requ~rements of law.
4, Such other insurance as the Board of Directors of the Association shall deter-
~ine from rime to time to be desirable.
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~ C. Premiums . Premiums upon insurance policies ~purchased by the Associarion shall he
- paid by the Association and charged to the dwelling unit owner in accordance with the un- _
i divided share in the common elements appurtenant to the dwelting unit-owned by him .
: D. Insurance Tru~tee; shares of proceeds . All insurance policies purchased by
the Associarion shall be for the benefit of the Association and the dwelling unit owners
and their mortgagees, as their interests may appear, and shall provide that all proceeds
~ covering property losses shall be paid to The Jensen Beach Bank. Jensen Beach,
i Florida, as Trustee, or to such other bank in Florida with trust powers as ~nay be
3esignated as insurance trustee by the Board of Directors of the Association, which
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