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(3) Workmen's Compensation Policy to meet the require-
ments of law.
i
(4) Such Other Insurance as the Board of Directors of s
the Association may eterm ne rom time to time to be desirable.
(5) Individual Liabilit Insurance Policies. Each
individual Unit Owner s a e respons a or purc asing, 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 j
available, as referred to in Paragraph (6) hereinafter.
(6) Waiver of Subro ation. If available and where
applicable, the Boar of.D rectors of the Association shall
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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(7) Insurance Com Hies authorized to do business in
the State of Florida shall aff rmatively be presumed to be good
and responsible companies and the Board of Directors of the Asso-
ciation shall not be responsible for the quality or financial ~
responsibility of the insurance companies provided same are
licensed to do business in the State of Florida.
C. Distribution of Proceeds. Proceeds of insurance policies
received by the Insurance Trustee shall be distributed to or for
the benefit of those entitled thereto pursuant to this Article
XIII and expended or disbursed after first paying or making pro- ~
vision for the payment of expenses of the Insurance Trustee in
the following manner:
(1) Reconstruction or Re air: If the damage for which
the proceeds were pa d is to a repaired and restored, the remaining
proceeds shall be paid to defray the cost thereof as elsewhere
provided. Any proceeds remaining after defraying such costs
shall be distributed•to those entitled thereto pursuant to this
Article XIII, all remittances to Unit Owners and their mortgagees
being payable jointly to them. This is a covenant for the benefit
of any mortgagee of a Unit and may be enforced by it. The remit-
tance shall be made solely to an Institutional Mortgagee when t
requested by such Institutional Mortgagee if the mortgage held by }
it provides that it has the right to require application-•of the
insurance proceeds to the payment or reduction of its mortgage
debt.
I
j (2) Failure to Reconstruct or Re air If it is deter-
mined in the manner a sewhere erein provide that the damage for
j which the proceeds are paid shall not be repaired. and restored,
' the proceeds shall be disbursed to the Unit Owners and their ~
mortgagees, remittances to Unit Owners and their mortgagees being ~
payable jointly to them. This is a covenant for the benefit of
any mortgagee of a Unit and may be enforced by him. The remittance
shall be made solely to an Institutional Mortgagee when requested
~ by such Institutional Mortgagee if the mortgage held by it provides
I that it has the right to require application of the insurance
~ proceeds to the payment of its mortgage debt. In the event of
loss or damage to personal property belonging to the Association,
the proceeds shall be disbursed to the Unit Owners and any mortgagee
~ having an interest in them (as their interests may appear) as
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