HomeMy WebLinkAbout1146 Such policies will provide that payments by the insurer for losses
will be made to the Insurance Trustee designated below., and ail
policies and their endorsements will be deposited with the Insur-
ance Trustee. Apartment owners may obtain coverage at their own
expense upon their personal property and for their personal liabil-
ity and living expense.
11.2. Coverage.
(a) Casualty. All buildings and improvements upon
the land will be insured in an amount equal to the maximum insur-
ance replacement value, excluding foundation and excavation costs;
and all personal property included in the common elements will be
insured for its value, as determined 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, including
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 to
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
(a) subrogation against the Association
' and against the unit owners individually and as a group;
(b) the pro rata clause that reserves to the
i insurer the right to pay only a fraction of any loss if
other insurance carriers have issued coverage upon the
same risk; and
(c) avoid 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 amounts and with such
i coverage as will be required by the Board of Directors of the
Association, including but not limited to hired automobile and
non-owned automobile coverages, and with cross liability endorse-
~ ment to cover liabilities of the apartment owners as a group to an
apartment owner.
(c) Workmen's Compensation policy to meet the
requirements of law.
(d) Such other insurance as the Board of Directors
of the Association shall determine from time to time to be desir-
able.
E
11.3. Premiums. Premiums upon insurance policies
purchased by the Association will be paid by the Association, as a
common expense, except that the amount of increase in the premium
-10-
BQaX~2 PacE~45 +