201400384 - Laserfiche WebLink

Browse

2014003814 (b) The insurer waives its right to subrogation under the policy against any unit owner or member of his or her household, the Association, and the Board; (c) No act or omission by any unit owner, unless acting within the scope of his or her authority on behalf of the Association, will void the policy or be a condition to recovery under the policy; (d) If, at the time of a loss under the policy there is other insurance in the name of a unit owner covering the same risk covered by the policy, the Association's policy provides primary insurance, subject to Section 2.(e); and (e) The Association's policy shall be primary only to the extent that the loss exceeds any deductible amount in the Association's policy, which amount may change from time to time at the discretion of the Association. If no other insurance exists in the name of the unit owner, the Association's policy shall only cover losses exceeding the deductible amount in the Association's policy. Section 3. Additional coverage. The Association is further empowered to procure such other insurance as the Association may deem advisable from time to time. Section 4. Special Assessments. The cost of insurance premiums shall be included in the monthly maintenance assessment made to the Owner of each Lot insured under the provision of the Declaration. The Association may assess the owner(s) of each damaged lot, the amount of the deductible in its Insurance policy, which amount may change from time to time at the discretion of the Association. Section 5. Association as Agent. The Association is hereby irrevocably appointed agent for each owner and his mortgagees to adjust all claims arising under insurance policies purchased by the Association on the improvements on the Properties and to execute and deliver releases upon payment of claims without joinder by the Owner. In case the insurance proceeds do not equal the cost of repairs, the excess cost shall be considered a maintenance expense to be assessed and collected by the Association from the Owners of the damaged improvements. In cases of over - insurance, any excess proceeds of insurance received shall be credited to the Working Fund for the Association. Section 6. Insurance by Unit Owners. Unit owners shall not be prohibited from carrying other insurance for his or her own benefit. Insurance coverage on furnishings and other items of personal property belonging to an owner and public liability coverage within each unit shall be the sole and direct responsibility of the unit owners thereof, and the Board and the Association shall have no responsibility thereto. In the event that the unit owner deems the coverage carried by the Association insufficient for their respective unit, they may obtain the additional coverage amount and be billed accordingly, separately from the Association. It is the responsibility of each unit owner to verify that the coverage involving their unit is adequate as the individual unit owner deems. Section 7. Notice. An insurer that has issued the insurance policy pursuant to Section I shall issue certificates of insurance to the Association and, upon written request, to any unit owner, mortgagee or beneficiary under a deed of trust. The insurer issuing the policy shall not cancel or refuse to renew it until sixty (60) days after notice of the proposed cancellation or non - renewal has been mailed to the Association, each unit owner and each mortgagee or beneficiary under a deed of trust to whom a certificate of insurance has been issued at their respective last -known addresses. Section 8. Restoration of Premises. In the event of a major loss event, where part or all of the exterior and/or the interior of one or more units within the Association building units are damaged or destroyed, owner or owners shall be required to rebuild their units in a manner such that it will reflect the appearance and quality of the unit(s) before the loss event. The unit owner(s) may, at their discretion, elect to restore the interiors of the unit(s). Individual owners shall receive proportional amounts of the insurance proceeds less the amount necessary to rebuild the exterior of their unit(s). Nothing herein shall relieve the unit owner(s) from acquiring necessary approvals from the architectural committee. All of the remaining provisions of said Declaration and any amendments previously approved, not contrary to the aforementioned Amendment, shall remain in full force and effect.