Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />14.00 INSURANCE, CASUALTY. CONDEMNATION AND REBUILDING <br /> <br />14.01 Association's Policies. Except as hereinafter provided,=Section 515B.3- <br />113 of the Act requires the Association to maintain casualty insurance coverage on the <br />Common Elements and, because this Common Interest Community contains Units or <br />structures within Units which share or have contiguous walls, siding and roofs, also on <br />those Units or structures within those Units. The same section also requires general <br />liability coverage, authorizes the Association to carry any other insurance it considers <br />appropriate, specifies minimum notice from an insurer prior to cancellation, specifies <br />other provisions for such insurance, requires the Association or an insurance trustee to <br />adjust all losses, and describes the Association's duty with respect to repair or <br />rebuilding after casualty to Common Elements or Units. The provisions of the Act <br />described in this paragraph may not be varied or waived, but are hereby supplemented, <br />as follows: <br /> <br />(a) The Association shall carry worker's compensation <br />insurance whenever it has eligible employees. <br /> <br />(b) The Association may carry fidelity insurance and shall <br />do so whenever required by a holder, insurer or <br />guarantor of a mortgage encumbering a Unit. <br /> <br />(c) The Association may enter into binding agreements <br />with one or more holders, insurers or guarantors of <br />mortgages obligating the Association to keep <br />specified coverages in effect for specified periods and <br />to notify a holder, insurer or guarantor of any changes <br />to coverage. <br /> <br />(d) The Association shall also carry insurance with <br />additional endorsements, coverages and limits and <br />against other hazards as may be required from time <br />to time by the regulations of a holder, insurer or <br />guarantor of a mortgage encumbering a Unit. <br /> <br />(e) The Association shall make every effort to procure its <br />insurance from an insurance carrier licensed to do <br />business in the State of Minnesota with ratings of A-XI <br />as established by Best's Insurance Reports, if such a <br />company is available, or if not available, its equivalent <br />rating or the best rating possible. <br /> <br />(f) <br /> <br />The Association shall make every effort to procure its <br />insurance with a deductible which does not exceed <br />the maximum allowed from time to time by the <br /> <br />13 <br />