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2018-03-06 P & Z Packet
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2018-03-06 P & Z Packet
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10.2 Property Insurance for Units. Each Owner shall obtain and maintain the <br /> Owner's own property and liability insurance coverage relating to the ownership <br /> of the Owner's Unit and any structures constructed thereon. However, the <br /> Owners, including the Declarant, if applicable, may elect at any time to have the <br /> Association provide the property and/or liability insurance on all of the Units by <br /> approval of 67% of the votes in the Association. Election may be obtained in <br /> writing or at a meeting of the Association duly held in accordance with the By- <br /> Laws. In such event, the Association's insurance policy shall declare a <br /> maximum deductible of $50,000.00 per claim. Furthermore, each Owner shall <br /> retain the right to obtain additional personal insurance coverage at his or her own <br /> expense covering fire and other casualty to the Unit, personal property or personal <br /> liability. In the event the Association maintains an insurance policy covering all <br /> of the Units, then any insurance policy maintained by an Owner must provide that <br /> it is without contribution as against the insurance purchased by the Association. <br /> An Owner's personal insurance coverage ("HO 6 Policy") must contain an <br /> endorsement providing that the difference between an Owner's personal insurance <br /> coverage ("HO 6 Policy") deductible and the deductible on the insurance policy <br /> provided by the Association shall be paid by the HO 6 Policy. <br /> 10.3 Premiums; Improvements; Deductibles. All premiums for insurance coverage <br /> maintained by the Association shall be assessed and paid as a Common Expense. <br /> The Association may, in the case of a claim for damage resulting from the acts or <br /> omissions of a Unit Owner or Occupant or their guest, licensee or invitee, (i) pay <br /> the deductible amount as a Common Expense; (ii) pay the deductible and assess <br /> the deductible amount against such Unit and Owner in any reasonable manner; or <br /> (iii) require the Owner of the Unit responsible for the damage to pay the <br /> deductible amount directly. The Association's decision as to who shall be <br /> charged with paying the deductible amount may, but need not, be based upon <br /> fault. <br /> 10.4 Loss Payee; Insurance Trustee. All insurance coverage maintained by the <br /> Association shall be written in the name of, and the proceeds thereof shall be <br /> payable to, the Association (or a qualified insurance trustee selected by it). The <br /> Association, or any insurance trustee selected by it, shall have exclusive authority <br /> to negotiate, settle and collect upon any claims or losses under any insurance <br /> policy maintained by the Association. <br /> 10.5 Waivers of Subrogation. All policies of insurance shall contain waivers of <br /> subrogation by the insurer against the Association, the Board, Owners, members <br /> of the Owner's household, officers or directors, as applicable, and, if available, <br /> 25 <br /> 022818 <br />
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