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HomeMy WebLinkAbout0457 lender~ owning and holding existing unsatistied mortgages upon a Condominium Unit or Units. Tlie approval may be Qbtained by directing to such mortgagee in writing, a request for approval or disapproval within ten (10) days after receipt of the request, If a response is not received from a mortgagee within•the required period of time~ it shall be deemed to be approved. An approval shall not be unreasonably withheld or denied. The named insured on all policies shall be the Association individually and as a~ent for the l~nit Owners covered by the policy without naming them and shall include mortga~ees listed in the records of the Association as holdinR mortga~es upon Units covered by the policy. Unit owners may also obtain insurance covereage at their own expense upon their personal property and for their personal liabilit_y and living expense. All policies of insurance, together with any endorsements thereto, shall provide that payments for casualty losses made by the insurer thereunder fer losse~ of S10,Q40.04 or less shall be made to the Association. payments by the insurer for casualty losses exceeding S10,000.00 shall be made to the "Insurance Trustee" as the same is hereinafter defined, in accordance with the provisions hereinafter set forth. Each Unit Owner and his mortgagee or ~ortgagees shall be entitled to receive a copy of the policy or policies of insurance to be carried hereunder, or other acceptable proof of coverage. B. Coverage. (1) Liability. The Board of Directors of the Association sh~ obtain public liability and property damage insurance covering all of the Common Elements of the Condominium, the Association, the Board of Directors and the Unit Owners, as its and their respective interests appear, in such amounts as the Board of Directors may reasonably determine from time to time. Such coverage shall include but not be limited to legal liability, hired and nonowned automobile coverages~ with cross-liabilities of the Unit Owners as a groun to a Unit Owner. (2) Casualty. The Board of Directors of the Association sh~ obtain fire and extended coverage insurance, flood insurance (if available) and vandalism and malicious mischief insurance, insuring all the insurable improvements within the Condominium (including fixtures and other equipment initially installed by the Developer but not including personal property supplied or installed by iinit Owners or others) in an amount equal to the maximum insurable replacement value as determined annually by the Board of Directors of the Association with deductible clauses enabling the Association to obtain sufficient coverage hereunder at a reasonable cost. The polices shall state whether the following items are included within the coverage in order that lJnit Owners may insure themselves if such items are not covered by the Association's policies: air handling~equipment for space cooling and heating; service equipment•installed by the Unit Owner; interior electrical and plumbing fixtures; floor coverings except the floor slab; and inside paint and other inside wall finishes. -20- n~'~ 349 ~~~~ 458 ~ ~ ~ ~~:_ _ _ --: - _ , .