2018-03-06 P & Z Packet - Laserfiche WebLink

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