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Association, its employees and agents, including, but not limited to liability for property of others, liability for injury to or death of persons, legal liability arising out of law suits related to employment contracts of the Association and such other risks as are customarily covered in similar projects. Such policies of public liability insurance shall contain a severability of interest endorsement preventing the insurer from denying the claim of an Owner or the Association because of negligent acts of the Association or other Owners, or of any person or entity for whose acts either are responsible. Such policy shall provide that it cannot be cancelled or substantially modified without at least ten (10) days prior written notice to the Association. Section 7. Worker's Comuensation Covera¡e. The Association shall also obtain a policy of insurance to cover any obligations it may incur under Worker's Compensation Laws. Section 8. Couies of Insurance Policies. Each Owner shall provide the Secretary of the Association with such policies of insurance as are required herein or with certificates of coverage, providing that the coverage shall not be terminated without ten (10) days prior written notice to the Association. Section 9. Fidelitv Covera~e. The Association shall procure and keep in force such insurance policies providing fidelity coverage against dishonest acts on the part of officers, directors, managers, trustees and employees of the Association or of any agent handling funds of the Association and of any volunteers and all other persons responsible for handling funds collected and held for the benefit of Owners by the Association as the Board of Directors deems adequate. The fidelity bond or insurance shall name the Associatión as the insured and shall be written in such amount as the Board of Directors of the Association shall determine is sufficient to provide adequate protection (but not less than the sum of all reserves plus the aggregate amount of three month's monthly assessments) and shall contain such other endorsements, provisions and waivers as the Board deems appropriate. Such policies shall contain waivers of all defenses based on exclusion of persons serving without compensation from the definition of "employees· or similar terms and shall provide that they may not be cancelled or substantially modified without at least ten (10) days prior written notice to the Association. Section 10. Other Insurance. The Association may maintain such other insurance as the Board deems appropriate. ARTICLE X RIGHTS OF FIRST MORTGAGEES Section 1. Notice to Mort~a2ee. Any first mortgagee of any Lot and any insurer or governmental guarantor of a first mortgage on a Lot shall, upon request of such mortgagee, be afforded written notice by the Secretary of the -19-