AgdaPkt 2011-09-12 - Laserfiche WebLink

Browse Search

6. 1. F. - Page 65 any warranty or condition regarding any portion of the Development over which the Association has no control. Each such policy shall contain both a full waiver of subrogation by the insurer as to any and all claims against the Association, Declarant and any Owners and their respective family members, agents, employees and tenants and a waiver of any defenses based upon co- insurance or upon invalidity arising from the acts of the insured except to the extent such invalidity is unavoidably imposed by law. Each such policy shall also provide that the coverage provided with respect to any claim shall not be adjusted based on contribution related to insurance policies purchased by any Owner or his Mortgagee. (b) All such policies of insurance and bonds shall be obtained from insurance companies with both a financial rating of Class VI or better and a policyholder's rating of A or better by Best's insurance rating guide. In the event Best's should revise its rating system, the Association shall select insurance companies with equivalent financial and policyholder's ratings under the rating system then being used by Best's or, in the event Best's discontinues its rating system, insurance companies with equivalent financial and policyholder's ratings under such comparable rating system as the Board may select. (c) The Association shall provide the Owners with a summary of the Association's property, liability, earthquake, flood, and fidelity insurance policies, as required by Civil Code Section 1365(e)(1), at least thirty (30) days and not more than ninety (90) days prior to the beginning of the Association's fiscal year. Section 9.10 Owner's Property and Liability Insurance Each owner shall maintain property insurance against losses to personal property located within the Unit and to any upgrades or additions to any fixtures or improvements located within the Unit and liability insurance against any liability resulting from any injury or damage occurring within the Unit. The Association's insurance policies will not provide coverage against any of the foregoing. Any insurance maintained by an Owner must contain a waiver of subrogation rights by the insurer as to the other Owners, the Association, and any first mortgagee of the Owner's Unit. The Board has no obligation to monitor or enforce any Owner's compliance with this section. No Owner shall separately insure any property covered by the Association's insurance policies as described in above in this Article 9. If any owner violates this provision and, as a result, there is a diminution in insurance proceeds otherwise payable to the Association, the Owner will be liable to the Association to the extent of the diminution. The Association may levy a reimbursement assessment against the Owner's Condominium to collect the amount of the diminution. Each Owner is strongly advised to seek the advice of a qualified insurance consultant regarding: (i) the amount of personal liability insurance coverage the Owner should maintain because of the Owner's ownership interest in the Common Area and Unit and (ii) the availability of loss assessment insurance coverage. Section 9.11 Payment of Premiums Insurance premiums for the policies required hereby shall be a Common Expense to be included in the monthly Assessment levied by the Association. The portion of Assessment payments necessary for the insurance premiums may be held in a separate account of the Association to be used solely for the payment of the premiums for such policies. Section 9.12 Material Damage or Destruction If any portion of the Development is Materially Damaged or destroyed by fire or other casualty, the following events shall occur: (a) A special Owners meeting shall be held within sixty (60) days of the date of the material damage or destruction. Said Owners meeting shall be called by the Board, the president or any 55 CCRS -One Marina. docx