Laserfiche WebLink
61 <br />6557.03/12309 <br />any warranty or condition regarding any portion of the Development over which the Association has no <br />control. Each such policy shall contain both a full waiver of subrogation by the insurer as to any and all <br />claims against the Association, Declarant and any Owners and their respective partners, directors, <br />officers, members, family members, agents, employees and tenants and a waiver of any defenses based <br />upon co-insurance or upon invalidity arising from the acts of the insured except to the extent such <br />invalidity is unavoidably imposed by law. Each such policy shall also provide that the coverage provided <br />with respect to any claim shall not be adjusted based on contribution related to insurance policies <br />purchased by any Owner or his Mortgagee. <br /> <br />(b) All such policies of insurance and bonds shall be obtained from insurance <br />companies with both a financial rating of Class VI or better and a policyholder’s rating of A or better by <br />Best’s insurance rating guide. In the event Best’s should revise its rating system, the Association shall <br />select insurance companies with equivalent financial and policyholder’s ratings under the rating system <br />then being used by Best’s or, in the event Best’s discontinues its rating system, insurance companies with <br />equivalent financial and policyholder’s ratings under such comparable rating system as the Board may <br />select. <br /> <br />(c) The Association shall provide the Owners with a summary of the Association’s <br />property, liability, earthquake, flood, and fidelity insurance policies, as required by Civil Code Sections <br />5300 and 5810, thirty (30) to ninety (90) days before the end of the Association’s fiscal year. <br /> <br /> <br />Section 9.10 Owner’s Property and Liability Insurance. <br /> <br />(a) The insurance maintained by the Association does not cover personal property <br />within the Units and does not cover personal liability for damages or injuries occurring within the Units. <br />Each Unit Owner shall maintain its own property insurance against losses to personal property located <br />within the Owner’s Unit and liability insurance against any liability resulting from any injury or damage <br />occurring within the Owner’s Unit. <br />(b) Each Unit Owner shall maintain at its own cost and expense its own property <br />insurance coverage for all upgrades or additions installed within an Owner’s Unit (whether such upgrades <br />or additions were installed by the Owner, Declarant, or a third party contractor hired by the Owner or <br />Declarant), but only to the extent the replacement cost of any such upgrades or additions installed within <br />an Owner’s Unit exceeds the amount of coverage provided by the Association’s insurance described in <br />Section 9.1 of this Declaration as determined on the date that immediately precedes the date of the <br />damage or destruction of the upgrades, additions, fixtures or improvements in such Owner’s Unit. <br />(c) Any insurance maintained by an Owner shall not (i) separately insure any <br />property covered by the Association’s insurance policy or policies described in this Article 9, or (ii) <br />invalidate any insurance carried by the Association. If any Owner violates this provision, any diminution <br />in insurance proceeds otherwise payable to the Association under the Association’s policies that results <br />from the existence of such Owner’s insurance policy will be chargeable to the Owner who acquired such <br />Owner’s insurance policy. The Association may levy an Individual Special Assessment against the <br />Owner’s Condominium to collect the amount of the diminution. <br />(d) Any insurance maintained by an Owner must contain a waiver of subrogation <br />rights by the insurer as to the other Owners (and occupants), the Association, and any first mortgagee of <br />the Owner’s Unit. <br />7.1.K. - Page 65