HomeMy WebLinkAbout0458
(3) Workmen's Compensation. Workmen's compensation
insurance shall be carried to meet the requirements of the
law.
(4) Other. The Board of Directors may obtain such
other insurance as it shall reasonably determine from time
to time to be desirable.
C. Waiver. When appropriate and possible, the nolicies
shall provide that the insurer shall waive the following:
(1) Subrogation against the Association and against
the Unit Owners individually and as a group.
(2) Any pro rata claim or right that reserves to
the insurer the right to pay only a fraction of any loss if
other insurance carriers have issued covereage upon the same
risk; and
(3) Avoidance of liability'for a losG that i~
caused by an act of the Board of Directors of the Association
o~ by one or more Unit Owners.
D. Premiums. Premiums upon insurance policies purchased
by the Association shall be paid by the Association as a
Common Expense~ except that the amount of increase in the
premium occasioned by use for other than a residence, or
misuse, occcupancy or abandonment of a unit or its appurtenances
or of the Common Elements by a Unit Owner shall be assessed
against and paid by that Owner.
E. Insurance Trustee; Proceeds.
~s
,~x~
(1) All insurance policies purchased by the
Association shall be for the benefit of the Association an~
the Unit Owners and their mortgagees as the respective interests
appear, and shall provide that all proceeds covering a nronerty
loss in excess of $10,000.00 shall be paid to the Insurance
Trustee, who shall be a bank in Florida with trust powers
and shall be designated as the Insurance Trustee by the Board
of Directors of the Association. The Insurance Trustee shall
not be liable for payment of premiums nor .for the renewal
or sufficiency of policies nor for the failure to collect
any insurance proceeds. The duty of the Insurance Trustee
shall be to receive and hold the insurance proceeds and other
funds that are paid to it in trust for the purposes elsewhere
stated in thi~ instrument and for the benefit of the 1~nit .
Owners and their mortgagees in the following shares~ but
which shares need not be set fortri on the records of the
Insurance Trustee:
(a) An undivided share for each tTnit Owner,
that share being the same as thg undivided share of the
Common Elements which that Unit.Owner owns, appurtenant to
his Unit.
(b) In the event a mortgagee endorsement
of an insurance policy has bee~ issued as,to a[)nit and
this mortgagee interest has been registered with the
Association, the share of the Unit Owner in such proceeds
shall be held in trust for the mortgagee and Unit ~wner as
their interests may appear; provided, however~ that no mortga~ee
shall have any right to determine or participate in the
determination as to whether or not any damaged property shall
be reconstructed or repaired, and no mort~agee shall have
any right to apply or have applied to the reduction of a
mortgage debt any insurance proceeds except distributions of
proceeds made to the Unit Owner and mortgagee.
- 21- s~: ~~ 31~9 rac~ 459
~
- ~__~