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Such policies will provide that payments by the insurec for losses
will be made to the Insurance Trustee designated below, and all.
policies-and their endorsements will be deposited with the-Insur-
ance Trustee. Apartment owners may obtain coverage at.their own
- - .expense. upon theix personal property and for their personal liabil-
ity-and living expense. ~ -
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11,2.. Coverage.
(a) Cas~. All buildings and improvements upon.'
the land will-tie insured n an amount equal to the maximum insyr-
ante replacement value, excluding foundation and excavatior_ costs=
and all personal property included in the common elements will be
insured for its value, as detenained by the Board of Directors of
the Association. Such coverage will afford protection against:
- 1. Loss or damage by fire and other hazards
covered by a standard extended coverage endorsement, and;
_ -2. Such other risks as from time to time will
be-customarily covered with respect to buildings similar in con-
struction, location and use of the building on ,the land,- includi-ng
-but not limited to vandalism and malicious-mischief.
3. The policies shall state whether the
following items are included within the coverage in order that-unit
owners may insure themselves if-the items are not insured by-the
Association: air conditioning .unit for space cooling and heating
serving the individual apartment, and all integral parts thereof, -
including; but not limited to, the compressor located adjacent tv
the condominium building; service equipment such as dishwasher, -
_ laundry,. refrigerator, oven, .stove, water heater, whether or not
those items are built-in equipment; interior fixtures such as
electrical and plumbing fixtures; floor coverings except the floor _
slab; and inside paint and other inside wall finishes: -
When appropriate and possible, the policies
shall-waive the insurer's right to -
j (a) subrogation against the Association
and against the unit owners individually and as a group;
~ (b) the pro rata clause that rEServes to the
~ - insurer the right to pay-only a fraction of any loss-if
other insurance carriers have issued coverage upon the
same risk; and
- {c) avoiZ liability for a loss that is caused
by an act of the Board of Directors of the Association,
or by a member of the Board of Directors of the Asso-
ciation or by one or more unit owners. -
- (b) Public Liability in such amoun~s and with such
coverage as will be required by the Board_of Directors of the
Association, including but not limited to•hired automobile and
non-o-~ned automobile coverages, and with cross liability endorse- _
ment to cover-liabilities of the apartment owners as a group to an
apartment owner. -
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~ (c) Workmen's Compensation policy to-meet the
~ requ-irements of law.
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(d) Such other insurance as the Board of Directors
of the Association shall determine from t5aae to .time to be desir-
' able. -
11.3. Premiums. Premiums upon insurance policies -
purchased by the Asso~ation will be paid by the Association, as a
~ common expense, except that the amount of increase in the premium.
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