HomeMy WebLinkAbout081819.15 Regulations. Reasonable regulations concerning
the use of the condominium property may be made and amended from
time to time by the Board of Directors of the Association.
20. INSURANCE. Insurance, other than title insurance,
that shall be carried upon the condominium property and the personal
property of the unit owners shall be governed by the following
provisions. ~
20.1 Authority to Purchase. All insurance policies
upon the condominium property and the property of the Association
shall be purchased by the Board of Directors of the Association.
The named insured shall be the Insurance Trustee designated by the
Association, individually and as agent for the Association, the
unit owners, without naming them, and their mortgagee endorsements
and memoranda of insurance to the mortgagees of unit owners. The
policies shall provide that payments by the insurer for losses
shall be made to the Insurance Trustee designated by the
Association. All policies and their endorsements shall be
deposited with the Insurance Trustee. Unit owners may obtain
coverage at their own expense upon their personal property and for
their personal liability and livinq expenses. The insurance Trustee
may be any bank in Florida with trust powers, as may be designated
by the Board of Directors of the Association. -
20.2 Coverage.
(a) Liability. The Board of Directors of the
Association shall obtain public liability and property damage
insurance covering all of the common elements of the
Condominium and all property of the Association, and insuring
the Association and the unit owners as their interests may
appear, in such amounts.and providing such coverage as the
Board of Directors of the Association may determine from
time to time, provided, that the minimum amount of coverage
shall be One Million Dollars ($1,000,000.00). Said insurance
shall include, but not be limited to, hired and non-owned
automobile coverage and a cross-liability endorsement to
cover liahilities of the unit owners as a group to an
individual unit owner.
(b) Casualty Insurance. The Board of Directors of
the Association shall obtain fire and extended coverage
insurance, and vandalism and malicious mischief insurance,
insuring all of the insurable improvements within the
Condominium, including property owned by the Association, in
and for the Association, all unit owners and their
mortgagees, as their interests may appear, in a company
acceptable to the standards set by the Board of Directors of
the Association, in an amount equal to the maximum insurance
replacement value of the property, as determined annually by
the Board of Directors of the Association.
(c) Workmen's Compensation. The Board of Directors of
the Association shall obtain Workmen's Compensation
Insurance in order to meet the requirements of law.
(d) Flood. The Board of Directors of the Association
shall obtain flood insurance to meet the requirements of
federal, state or local law, or any regulation enacted
pursuant to federal, state or local law.
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FEE. KOBLEGARD & TEEL. P. A.
ATTORNEYS AT LAW
POST OFFICE BOX 1000
FORT PIERGE. FLOti{OA 3~450
Tt~t~MOwt, (306) 461•6020
~3~45 P~F 81~
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