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relating to the exterior surfaces
elements, or involving structural
replacement shall be treated and
expenses of the Association.
of such limited common
maintenance, repair or
paid for as a part of the common
14. Insurance Provisions
14.01 Liabilit Insurance. The Association shall
maintain compre ens ve pu ic ia i2ity and property damage
insurance covering al 1 of the ~ommon elements and insuring the
Association and the Unit Owners (including the Developer)
as named insured in such amounts as the Association determines
necessary, provided that the minimum amount of coverage shall
be $500,000 for bodily injury or death of any one person,
$1,000.000 for bodily injury to or death of any number of
persons arising out of any one occurrence, and $100,000 for any
insLance of property damage. Premiums tor such insurance
shall be paid by the Association.
14.02 Property Insurance.
a) Purchase of Insurance. The Association shall
obtain and maintain ire, win storm and extended coverage
insurance (including vandalism and malicious mischief insurance)
covering all of the insurable Condominium Property, includin~
personal property owned by the Association, as their interests
may appear, with a company selected by the Association, having
a nolicyholder's rating of not less than A in the most recent
edition of Best's Insurance Guide, in an amount equal to 80%
of the full replacement cost of the Condominium Property as
determined annually by the Association. The company or
companies with whom such insurance coverage is placed, as provided
in this Declaration,must be authorized to do business in the
State of Florida.
b) Loss Pa able Provisions - Insurance Trustee.
All policies purc ase y t e ssoc at on nsur ng , on ominium
Property shall be for the benefit of all Unit Owners and their
mortgagees, and the Association, as their interest may appear.
However, the Association shall be the na~ed insured and it shall
not be necessary to name the Unit Owners or any mortgagees,
although mortgagee endorsements may be issued. The policies shall
be held by the Association and shall provide that all insurance
proceeds payable on account of loss or damage shall be payable
to the Association.The Association shall hold the insurance
policies in trust for the purposes stated herein, for the
benefit of the Association and the Unit Owners and their
respective mortgagees, in the following shares:
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