HomeMy WebLinkAbout0742 r«eived within that ten-day period, the request shall be
deemed to be approved. An approval shall not be unreasonably
withheld or denied.
c. Named Insured. The named insured shall be the
Association individually and as ayent for the owners of units
covered by the policy without naming them, and shall include
mortgagees listed in the roster of mortgagees who hold
mortgages upon units covered by the policy whether or not the
rnortgayees are named. Unit owners may obtain insurance
coverage at their own expense upon their personal property and
for their personal liability and living expense.
d. Custody of Policies and Payment of Proceeds.
All policies shall provide that payments for losses made by the
insurer shall be paid to the insurance trustee designated by
the board of directors of the Association, and all policies and
endorsements on them shall be deposited with the insurance
trustee.
e. Co ies to Mort a ees. One copy of each insur-
an~e policy and o all endorsements on it sha11_be furnished by
tt~e Association to each mortgagee included in the mortgage
roster who holds mortgages upon units covered by the policy.
The copies shall be furnished not less than ten days prior to
the beginning of the term of the policy or not less than ten
days prior to the expiration of each preceding policy that is
being renewed or replaced, whichever date shall first occur.
8.2. COVERAGE:
a. Casualty. All buildings and improvements upon
the land shall be insured in such amounts that the insured will
not be a co-insurer except under deductible clauses required to
abtain coverage at a reasonable. cost. The coverage shall
exclude foundation and excavation costs, that part of the value
of each unit occasioned by special improvements not common to
units otherwise comparable _in construction and finish, and all
increase in value of units occasioned by alterations, better-
ments and further improvements. All personal property included
in the common elements shall be insured. Values of insured
property shall be determined annually by the board of directors
of the Association. Insurance coverage shall afford pro-
tection against:
1. loss or dama a by fire and other hazards covered
by a standard exten ed coverage endorsement, and
2. such other risks as from time to time shall
be customarily covered
witwith respect to buildings similar
in construction, location and use as the buildings on the
land, including but not limited to insurance covering
flooding, vandalism and malicious mischief.
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 individ ual apartment, -and all integral
parts thereof, including, but not limited to, the compress r
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=
o a~o~ 343 PEE 74~