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portion of the Property that the Association is required to maintain. The <br /> policy or policies may cover personal property owned by the Association. <br /> The type and amount of any such coverage shall be determined by the <br /> Board. <br /> b. Comprehensive public liability insurance covering the use, operation and <br /> Maintenance of the Common Elements, and which may include any <br /> additional areas the Association has an easement for Maintenance <br /> responsibilities, with minimum limits of $1,000,000 per occurrence, <br /> against claims or death, bodily injury and property damage, and such other <br /> risks as are customarily covered by such policies for projects similar in <br /> construction, location and use to the Property. The policy shall contain a <br /> "severability of interest" endorsement which shall preclude the insurer <br /> from denying the claim of an Owner or Occupant because of negligent <br /> acts of the Association or other Owners or Occupants. The policy shall <br /> include such additional endorsements, coverages and limits with respect to <br /> such hazards as may be required by the regulations of the FHA or FNMA <br /> as a precondition to their insuring, purchasing or financing a mortgage on <br /> a Unit. <br /> C. Fidelity bond or insurance coverage against dishonest acts on the part of <br /> directors, officers, managers, trustees, employees or persons responsible <br /> for handling funds belonging to or administered by the Association if <br /> deemed to be advisable by the Board or required by the regulations of the <br /> FHA or FNMA as a precondition to the purchase or financing of a <br /> mortgage on a Unit. The fidelity bond or insurance shall name the <br /> Association as the named insured and shall, if required by the regulations <br /> of the FHA or FNMA as a precondition to their insuring, purchasing or <br /> financing of a mortgage on a Unit, be written in an amount equal to the <br /> greater of (i) the estimated maximum of Association funds, including <br /> reserves, in the custody of the Association or management agent at any <br /> given time while the bond is in force, or (ii) a sum equal to three months <br /> aggregate assessments on all Units plus reserves. An appropriate <br /> endorsement to the policy to cover any persons who serve without <br /> compensation shall be added if the policy would not otherwise cover <br /> volunteers, or a waiver of defense based upon the exclusion of persons <br /> serving without compensation shall be added. <br /> d. Worker's Compensation insurance as required by law. <br /> e. Such other insurance as the Board may determine from time to time to be <br /> in the best interests of the Association and the Owners. <br /> 24 <br /> 022818 <br />