2019-05-22 CC Packet - Laserfiche WebLink

Home Browse Search

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, waivers of any defense based on co-insurance or of invalidity from any acts of the insured. 10.6 Cancellation; Notice of Loss. All policies of property insurance and comprehensive liability insurance maintained by the Association shall provide that the policies shall not be cancelled or substantially modified, for any reason, without at least thirty (30) days prior written notice to the Association, to the FHA or FNMA (if applicable), all of the insureds and all Eligible Mortgagees. 10.7 Restoration in Lieu of Cash Settlement. All policies of property insurance maintained by the Association shall provide that, despite any provisions giving the insurer the right to elect to restore damage in lieu of a cash settlement, such option shall not be exercisable (i) without the prior written approval of the Association (or any Insurance Trustee) or (ii) when in conflict with provisions of any insurance trust agreement to which the Association may be a party, or any requirement of law. 10.8 No Contributions. All policies of insurance maintained by the Association shall be the primary insurance where there is other insurance in the name of the Owner covering the same Property, and may not be brought into contribution with any insurance purchased by Owners or their Eligible Mortgagees. 27 Version for Council 05/22/2019