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6.1. F. - Page 23 <br /> froin ope�ation of building laws endorsement", or its equivale�t. Such paiicy shall 6e in s�eh <br /> farm a��d in amounts and from an ins�rance carrie�• satisfactory to the Board. Such hazard <br /> insut•ance policy shall be iss��ed in tl�e narr�e of the Associatio�a for tlie use and benef�� af the <br /> Owners, and ail Moi�tgagees of Lots as additional insured parties. <br /> (3} if applicable, worlcers' compensation insurance to the extent <br /> req�aired by law. <br /> B. Owner's Ins�rance: <br /> (1) Each Lat Owner, a�►d each tenant occupying a Lot, shall carry and <br /> maintain in force and effect, cotnrnercial gen�ral liability insut•ance cove��ing damage to property <br /> or injury to persons or property of others in an amount of not less than $1,pp0,p0a coinbined <br /> single limit per accurrence. The Board can inciease this rninimum a►�ount of liability insurance <br /> �•equired of Lot Owners �nd other occupants of Lots, if necessa�•y to p�ovide for adequate <br /> ins�rance coverage based upon the stiandards used in the community for sucl� insurance at the <br /> time. <br /> (2) A policy of haza��d ins�rance covering a11 of the residence and the <br /> other improvements on the Owner's Lot, which poIicy af hazacd insucanee shall provide for <br /> "11111��1-��Yl�" OY "�.��-L'IS�C" GOV�Ca�e, 111C1LIC�111� as �nini�uin protection, protiection fro�n loss or <br /> damage by fire o�• other hazards cavered by the standard extended coverage endorseinez�t, and by <br /> debris remor�al, cost of detnolition, vandalism, malicious mischief, wind starm, water damage <br /> and other rislcs as are customarily coverecl with respect to projects similar in constr�etion, <br /> locatian and �se to the Project. Such policy shall ir�clude an "agxeed amount endorsernent" ar <br /> "inflation g�ard endarsement", or an equivalent thereof, a"demolition endorsement", or <br /> equivalent tl�ereof, and, if such is cornnne��cially �•easonable to obtain, an "increased cast af <br /> construction endorsernent" and a"contingent liability fi•om operation of building laws <br /> endorsemenf", oe its enuivalent. <br /> C. General Insuranee Provisions: <br /> The Association s��all obYain a Certificate of �nsurance �aining it as an additionat insurec� <br /> in rega�'d to worker's compensation claims fram any independent cantractor who performs any <br /> ser�ice for the Association, if the ��eceipt of sucl� a ce��ificate is p�•acticable. <br /> The amaunt, te��m, a�d co�ez�age of a�y policy �•ec�uired hereunder {including the type of <br /> endorsements, t��e amou�t of the deductible, the named insii�•eds, the loss payees, standard <br /> inortgage clauses, notices of changes or cancellations, and �he insurance company rating) shalI <br /> satisfy the miniinu�n requireinents i��nposed for this type of Project 6y the Federal National <br /> Mortgage Association ("FNMA") and the Federal Home Loart Mot�tgage Corporation <br /> ("�HLMC") o� az�y successor thereto. I�the k'NMA or FHLMC rec���ireinents co��flict, the ��ore <br /> strin�e��t �•equirement shall be inet. If FNIVIA and F�ILMC do not impase requirements on any <br /> policy �eqt�ired hereu��der, the fe�•m, arna�nt, and co�erage of such poIicy shall be no less than <br /> tl�at which is customary far si�nzla� pz�ojects in the az•ea. <br /> n•�-rYi�.c�►��za i�. � sa v�.c�n�zn�i•iar� ar cclzs - x�r��r���,�.D <br /> �v:izioi�€ � <br /> _��_ <br />