Agmt02 Maria La Rocca Estates - Laserfiche WebLink

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Subsection 1.3 Insurance: The Associ ~tion (or Declarant until the election of the first Board of Dire¢:tors) shall purchase and maintain certain insurance policies and ~he following shall apply with respect to insurance: (a) The Association shall purchase and ~intain a master blanket comprehensive li~hilJ, ty~ bodily injury a d property damage policy insuring the interests cf the Board and ~he Owners agalnst public liability as a result of their ownership of the common area with a combined single limit of not less tLan Two Million Dollars ($2,000,000.00) per occurrence (such limits and coverage shall be reviewed at least annually by the '~oard and increased at its discretion). Such policy shall be mainta:.ned with respect to the conunon area and the residential strucSures since a portion of the maintenance of the residences is performs by the Association; (b) The Association shall also purchase ~ id maintain a polic~ of fire and casualty insurance for the.~ul] insurable v~lue of the residences, payable to the Association' andheld for the benefit of the owners and mortgagees. Such policies hall provide for a cross liability endorsement wherein the rights of the named insured under the policies shall not be prejudiced as res~cts his action against another named insured. Such liability i~urance shall not cover the personal bodily injury and property ~amage exposure of each Owner within his lot or in an~ other lot i~ the development or upon any common area resulting from the ne¢ligence· of the Owner. Obtaining such insurance coverage by each Owner is optional; (c) The Association shall notify each Owner annually as to the amount and type of insurance carried ant whether such coverage complies with the levels specified by C~lifornia law. If the Association is not so insured, each 0wn~r may be individually liable for the entire amount of a judgment ~gainst the Associationo If the insurance complies with the levels specified by California law, each owner may be individually iable only for their proportionate share of assessments levied ) pay for the amount of any judgment which exceeds the limits of the Association's insurance; (d) In accordance with California Civil ~ode Section 1365, the Association shall prepare and distribute ~o all its members the following: ! (1) A s~m~ry of the Association's prope~'t¥, general liability, and earthquake and flood insurance policies, which shall be distributed within 60 days preceding ~e beginning of the