HomeMy WebLinkAbout0935 agency office together with a sign or signs at locations of its
choosing in TARPON BAY YACHT CLUB until such time as all of the
units and parcels have been sold by Developer. The sales office
may, in Developer's discretion, be located on the Common
Property.
SECTION V. INSURANCE.
Insurance,, other than title insurance, that shall be carried
on the Common Property and the Association Property shall be
governed by the following provisions:
A. Authority to Purchase; Named Insured. All insurance
policies upon the Common Property and the Association Property
shall be purchased by the Association and shall be placed in a
single agency or company, if possible. The named insureds shall
be the Insurance Trustee designated by the Association
individually, and as agent for the Association, the members
without naming them, and mortgagees of the properties. Provisions
shall be made for the issuance of mortgagee endorsements and
memoranda of insurance to any mortgagees of the Common Property
and the Association Property. The policies shall provide that
payments by the insurer for losses shall be made to the Insurance
I
~ Trustee for the benefit of the members and mortgagees, as their
f
t interests may appear. The Insurance Trustee may be any bank in
t Florida with trust powers, as may be designated by the Board of
Directors of the Association.
B. Coverage.
1. Casualty Insurance. All buildings and insurable
improvements on the Common Property and Association Property shall
~ be insured for fire and extended coverage perils, excluding
foundation and excavation costs, at their maximum insurable
replacement value, and all personal property owned by the
Association shall be insured for its full insurable value, all as
determined annually by the Board of Directors of the Association.
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