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shall be ma~e t~ tl~ insurance ~rustee c3esignatced below, and all p~li-
cies arxi their e~ndorsements shall. be deposi~d with the insurance
. trus~ee. Unit owners mav c~btain cwerage at their vwn experjs~e ~on
~ their insurable interests in their units, their personal prc~perty ar~d
. . for .their ~ pers~nal Iiability ar~d livim~ expense. Zl~e insuran~e trust-
. ee may be any b~ar~k, tr~ast oangar?y or rrnrtgagee of re~ord lc~cated in
~ St. Lucie Qo~unty, Flori,da ard all~wed by law to act a.s the insurance
~ trustee as may be appraved by the eoard o~ A,~ministration. If per-
mitted by the mc~rtgagee of record tx~ldir~ the largest dollar wlune of
mortyages ori ~its in the Q~r~aminiun, the Bc>ard of Administration may ~
_ ~ dispense with an insuranee trustee, in v~tiich casP, the insuranee pro-
~ eeeds shall be payable to the Association _ ar~t the H~ard of Administra-
~ ti,on shall perform all the functi,ons of the insurance trustee here-
under. .
_ B. CbR~F~AiGE ~ ~ - ~ ~
(1). Liability. ~e Board of Administration shall ob-
tain public liability and Lxaper~y damage ins~ance
( including but r~t limited tA, hired a~atan~bile arc3 ~
~ non-ownad autom~bile c~overages) coverirg all of the -
~ camrmn elenents of -~t~e ~rr7ominiun and all praperty of
~ the Ass~ciation ~rc3 inst~rirg the Association and the
' ~ unit oti,~r?ers as its and their interest may a~Qear, in _
~ such aca~mts a~d prwidir~g such c~vverage as the Hoard
of Ac~ministration may determi~a fram time t~o tsme, pro- .
vided that the minimun an~unt of eoverage shall be Aie ~
~ Million Dollars ($1,000,400.00). inhere possible, cross
~ li~bi2itiy endursements will be obtainec3 t~ cover lia-
~ bilities of the ~nit o~wners as a group to a~nit awner. . ~ _
~ Zhe bailee liability, if any, of the Assc~ciation to the
~ it awr~ers shal l be ins~e~d if such awerage is dee~med
- ' ecoriamically feasible by the B~ard of Ac~r.inistration.
~ - ( 2) Casualty Insuratice . Z.he B~ard of ' Ac~ministration
~ - . .
shall abtain fire ar~ pxtended cweragE ins~ance and -
~
~ , varydalisn ar~ m~.licious- mischief ins~rar~.e, ins~cirx3 -
~ ~ .
~ ~ -
_ -2Q- . _ ~R~ -
~ • - ~~~K ~.8~ ;
~~~E c~.'~
, LEWIS~ VEGOSEN AND ROSENBACH; FA.~ ATTORNEYS AT LAW