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<br />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 /> <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 />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 /> <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 /> <br />d. law. <br /> <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 /> <br /> <br /> <br /> <br />_____ <br />24 <br />022818 <br /> <br />