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by the Association. The named insured will be the Association
individually and as agent for the apartment owners, without naming ~
them. Provision will be made for the issuance of mortgagee
endorsements and memoranda of insurance to the mortgagees of
apartment owners. Such policies will provide that payments by the
insurer for losses will be made to the Insurance Trustee designated
below, and all policies and their endorsements will be deposited
with the Insurance Trustee. Apartment owners may obtain coverage
at their own expense upon their personal property and for their
personal liability and living expense.
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11.2., Coverage. i
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(a) Cas~ualtyy. All buildings and improvements upon
the land will be insure~~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 insid~~wall finishes.
When appropriate and possible, the policies
shall waive the insurer's right to ~
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(a) subrogation against the Association
and against the unit owners individually and as a group;
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(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) 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
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 3
of the Association shall determine from time to time 'to be desir-
able.
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