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A. Pu~lic t.iahility and property damaqe insurance
in such amounts and in such form as shall be required by
Association to protect said Association and the owners of all
apartment units including such insurance coverages as, and to the
extent available, which may from time to time be deemed by the
Board of Directors of the Association to be ~ecessary and proper
and in the best interest therein;
~ • C. Workmen's Compensation insurance.to meet the
requirements of law;
D. Such other insurance coverage, other than title
insurance, as the Board of Directors of Association, in its sole
discretion, or as required by the Condominium Aci may determine
from time to time to be in the best interests of Association and
the owners of all of the apartment units.
All liability insurance maintained by Association shall
contain cross-liability endorsements to cover liability of all
owners of~apartment units as a group to each apartment unit
owner.
All insurance coverage authorized to be purchased shall
be purchased by Association for itself and for the benefit of all
of the owners of all apartment units. The cost of obtaining the
insurance coverage authorized above is declared to be a common
expense, as are any other fees and expenses incurred which may be
necessary or incidental to carry out the provisions hereof.
All policies of casualty insurance eovering the .
Condominium shall provide for the insurance proceeds covering any
loss to be payable to the Insurance Trustee named as hereinafter
provided, or to its successor, and the insurance proceeds from any
casualty loss shall be held for the use and benefit of Association
and all owners of all apartment units, and their respective
mortgagees, as their interests may appear, and such insurance
proceeds shall be a~plied or distributed in the manner herein
~rovided. The Association is hereby declared to be and appointed
as Authorized Agent for all ~f the owners of a~l apartment units
for the purpose of negotiating and agreeing to a settlement as to ~
the valu~ and extent of any loss which may be covered under any
aolicy of casualty insurance; and is granted full right and
authority to execute in favor of any insurer a release of
liability arisinq out of any occurrence covered by any policy or
policies of casualty insurance and reGulting in loss of or damaqe
to insured property.
The company or companies with which casualty insurance
may be placed shall be selected by Association, and all parties
beneficially interested in such insurance coverage shall be bound
by such selection of insurance company or companies made by
Association.
The Association shall have the right to designate the
Insurance Trustee, and all parties beneficially ~interested in such
insurance shall be bound thereby.
All policies shall provide that payments for losses made
t~y the insurer shall he paid to the Insurance Trustee designated
hy the eoard of Directors of the Association, and all policies and
endorsements on them shall be deposited with the Insurance
Trustee.
The Ins~rance Trustee shall be a banking institution
having trust powers and doinq husiness in the State of Florida.
The Insurance Trustee shall nat he liable for the payment of
premiums nor for the renewal of any policy or policies of casualty
insurance, nor for the sufficiency of coverage, nor for the form
or content of the policies, nor for the failure to collect any
insurance proceeds. The sole duty of the Insurance Trustee shall
be to receive such proceeds of casualty insurance as are paid and
to hold same in trust for the purposes herein stated, and for the
-' 2 BLOK 350 PacE 1~9