HomeMy WebLinkAbout0990 s
Association is hereby irrevocably appointed agent for each
Dwelling Unit Owner for the purpose of cospromising and settling ~
claims arising under insurance policies purchased by the
Association and to execute and deliver releases therefor upon the
payment of claims.
C. Workmen's Compensation Policy. The Association
shall purchase such Workmen's Compensation Insurance as shall be
necessary to meet the requirements of law. )
D. Miscellaneous Insurance.
1. The Association may purchase such other
insurance as the Board of Directors of the Association shall
determine from time to time to be desirable including but not
limited to flood insurance. _
_2. Each individual Dwelling Unit .Owner shall. be
responsible for purchasing, at his own expense, liability
insurance to cover accidents occurring. within his own Dwelling
Unit (which encompasses the entire area to which he has fee simple
title) and for purchasing insurance upon his ovr? property.
3. If available, and where applicable, the
Association shall endeavor to obtain policies which provide .that
i
~ the Insurer waives its right of subrogation as to any claims
t
{ against Dwelling Unit Owners, the Association their respective ~
I y
servants, agents and guests, and the owner of the Common Area.
E. Insurance Assessments. Each Dwelling Unit Owner
will be assessed annually for the insurance obtained by the
~ Association. The assessment for insurance shall be due and
E
payable when billed, which shall be sixty (60) days prior to the
E
expiration date of the policy. Assessments and installments on
such assessments paid on or before thirty (30) days after the date
E when due shall not bear interest, but all sums not paid on or
before thirty (30) days after the date when -due shall bear
s
interest at the rate of ten (108) percent per annum-from the date
when due until paid. All payments upon account shall be first
applied to interest and then to the assessment payments first due.
-24-
60G~~~ PAGE fl(~