HomeMy WebLinkAbout2624 interests may appear; provided, however, that no mortgagee
shall have the right to determine or participate in the
determination as to whether or not any damaged property
shall be reconstructed or repaired.
B. Coverage.
(1) Liability Insurance. The Board of Directors of
the Association s a obtai
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c liability and property damage
insurance covering all of the Common Elements of the Condominium,
and insuring the Association, the Board of Directors, and the
Unit Owners as its and their interests appear, in such amounts as
the Board of Directors of the Association may determine fror.~ time
to time, provided .that the minimum amount of coverage shall be at
least $250,000/$500,000/$10,000. Said insurance shall include
but be not limited to legal liability, hired automobile, non-
owned automobile and off-premises employee coverages. All liability
insurance shall contain cross-liability endorsements to cover
liabilities. of the Unit Owners as a group to a Unit Owner.
Premiums for the payment for such insurance shall be paid by the
Association and charged as a Common Expense.
(2) Casualty Insurance. The Association shall obtain
fire and extended coverage insurance, flood insurance, if available,
and vandalism and malicious mischief insurance, insuring all the
insurable improvements within the Condominium, (including fixtures
and other equipment initially installed by the Developer but not
including personal property supplied or installed by Unit Owners
or others, nor the carpeting in the Condominium Units nor, where
applicable, the screening on any portion of a Condominium Unit,
or on a Limited Common Element) including personal property owned
by the Association in and for the interests of the Association,
all Unit Owners and their mortgagees, as their interests may
appear, from a company meeting the standards set by the Board of
Directors of the Association, in an amount equal to the maximum
insurable replacement value as determined annually by the Board
of Directors of the Association; the premiums for such coverage
and other expenses in connection with such insurance shall be
paid by the Association and charged as a Common Expense. The
~ company or companies with whom t:~e Association shall place its
insurance coverage as provided in this Declaration must be good
and responsible companies authorized to do business in the State
of Florida. The Association shall have the right to designate
~ the Insurance Trustee (as hereinabove defined).
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(3) Workmen's Compensation Policy to meet the require-
] ments of law.
(4) Such Other Insurance as the Board of Directors of
the Association may determine from time to time to be desirable.
(5) Individual Liability Insurance Policies. Each
~ individual Unit Owner shall be responsible for purchasing, at his
~ own expense if he so desires, liability insurance to cover accidents
occurring within his own Unit, insurance upon his own personal
property, and living expense insurance. Such insurance, where
~ applicable, shall contain the same waiver of subrogation, if
available, as referred to in Paragraph (6) hereinafter.
(6) Waiver of Subrogation. If available and where
2 applicable, the Board of Directors of the Association shall
s endeavor to obtain policies which provide that the insurer waives
its rights of subrogation as to any claims against Unit Owners,
the Association, and their respective servants, invitees, agents
and guests.
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