HomeMy WebLinkAbout0819(e) Other Insurance. The Board of Directors of the
Association shall obtain such othsr insurance as the Board
of Directors of the Association shall determine from
time to time to be desirable.
(f) Subrogation Waiver. If available, the Board of
Directors of the Association shall endeavor to obtain
policies which provide that the insurer waives its right to
subrogation as to any claim against unit owners, the
Association, and their respective servants, agents and
guests.
(g) Premiums. Premiums upon insurance policies
purchased by the Association shall be paid by the Association
as a common expense. The cost of insurance premiums and other
incidental expenses incurred by the Association in
administering and carrying out any of the provisions of this
Paragraph 20 shall be assessed against and collected from
unit owners as a common expense.
20.3 Shares of Proceeds. All insurance policies
purchased by the Board of Directors of the Association shall be
for the benefit of the Association, the unit owners and their
mortgagees, as their interests may appear, and shall provide that
all proceeds covering losses shall be paid to the Insurance
Trustee. The Insurance Trustee shall be designated by the Boarcl
of Directors of the Association either prior to or at the time an
insured loss occurs. The Insurance Trustee shall neither be
liable for payment of the premiums, the renewal or the sufficiency
of policies, nor the failure to collect any insurance proceeds.
The duty of the Insurance Trustee shall be to receive such
proceeds as are paid and hold the proceeds in trust for the
benefit of the Association, the unit owners and their mortgagees,
in the following shares, which shares neec~ not to be set forth
on the records of the Insurance Trustee:
(a) Common Elements. Proceeds on account of damaged
common elements - an undivided share for each unit, such
share being the.same as the undivided share in the common
elements appurtenant to the unit.
(b) Property (Real and Personal) of the Association.
Proceeds on account of damaged property of the Association,
an undivided share for each unit, such share being the same
as the undivided share in the common elements appurtenant to
the unit.
(c) Units. Proceeds on account of damage to units
shall be held in the following undivided shares:-
(1) When the building is to be restored, for the
owners of damaged units in proportion to the cost of
repairing the damage suffered by each unit, which cost
shall be determined by the Board of Directors of the
Association.
(2) When the building is not to be restored -
an undivided share for each unit in the building, such
share being the sar.~e as the undivided share in the
common elements appurtenant to the unit.
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FEE. KOBLEGARD & TEEL. P. A.
ATTORNEYS AT LAW
POST OFFICE BOX 1000
FORT PIERCE, FLORIDA 9~460
7t~[~MOwt• 1905) 461•5020
~3~5 p~ 817
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