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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 /> 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 <br /> Bylaws. 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 /> 26 <br /> Version for Council 05/22/2019 <br />