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200506707 15.9 Additional Insurance. This Section does not prohibit the Declaration from requiring additional or greater amounts of insurance coverage, nor does it prohibit the Executive Board from acquiring additional or greater amounts of coverage as it reasonably deems appropriate. 15.10 Fidelity Bonds. The Association may maintain blanket fidelity bonds for all officers, directors, trustees and employees of the Association and all other persons handling or responsible for funds of or administered by the Association. Where the Association has delegated some or all of the responsibility for the handling of funds to a management agent, the Association may require the management agent to provide fidelity bonds for its officers, employees and agents handling or responsible for funds of, or administered on behalf of the Association. The total amount of the fidelity bond coverage shall be based upon the best business judgment of the Board, and the fidelity bonds themselves shall name the Association as an obligee. 15.11 Payment of Premiums. Premiums for all insurance obtained by the Association pursuant to this Article shall be common expenses and shall be paid for by the Association. 15.12 Insurance 'Trustee. Notwithstanding any other provisions of this Article, there may be named as an insured on behalf of the Association, the Association's authorized representative, including any trustee with whom such Association may enter into any Insurance "Trust Agreement or any successor to such trustee ( "insurance trustee "), who shall have the exclusive authority to negotiate losses under any policy providing such property or liability insurance to the Association. Each owner, by accepting a deed to, or otherwise becoming the owner of, a unit, appoints the Association or any Insurance Trustee or substitute Insurance Trustee designated by the Association, as attorney -in -fact for the purpose of purchasing such insurance, including, without limitation: the collection and appropriate disposition of the proceeds thereof, the negotiation of losses and execution of releases of liability; the execution of all documents; and the performance of all other acts necessary to accomplish such purpose. The Association or any insurance trustee shall receive, hold or otherwise properly dispose of any proceeds of insurance in trust for owners and lienholders, as their interests may appear. ARTICLE XVI. ASSOCIATION AS TRUSTEE With respect to a third person dealing with the Association in the Association's capacity as a trustee, the trust powers and their proper exercise by the Association may be assumed without inquiry, A third person is not bound to inquiry whether the Association has power to act as trustee or is properly exercising trust powers. A third person, without actual knowledge that the Association is exceeding or improperly exercising its powers, is fully protected in dealing with the Association as if it possessed and properly exercised -21 -