|
7.1.F. - Page 123
<br /> subrogation rights as to the Association and/or other Members, whether or not their policies so
<br /> provide.
<br /> E. Review of Policies. The Association shall periodically (and not less than
<br /> annually) review all insurance policies maintained by the Association to determine the adequacy of
<br /> the coverage and to adjust the policies accordingly.
<br /> F. Unit Owner Coverage - Separate Insurance Policies and Limitations. The
<br /> insurance maintained by the Association does not cover the personal property in the Units and
<br /> does not cover personal liability for damages or injuries occurring in the Units.
<br /> (1) Property Insurance: Each Owner shall insure his personal property
<br /> and any improvements within the Unit against loss and obtain and carry personal liability
<br /> insurance in reasonable amounts, naming the Association as an additional insured. In addition,
<br /> any improvements made by an Owner within his Unit may be separately insured by the Owner,
<br /> but the insurance is to be limited to the type and nature of coverage commonly known as
<br /> "improvements insurance". The Owner shall not obtain such insurance if the policy referred to
<br /> in Section 8.1.A(1) will provide coverage for such improvements. No Owner shall separately
<br /> insure his Unit against loss by fire or other casualty covered by any insurance carried by the
<br /> Association. If any Owner violates this provision, any diminution in insurance proceeds otherwise
<br /> payable under the Association's policies that results from the existence of such other insurance
<br /> will be chargeable to the Owner who acquired other insurance.
<br /> (2) Liability Insurance: Each Owner shall obtain and maintain a policy
<br /> or policies of Liability Insurance, insuring against liability for personal injury, bodily injury,
<br /> advertising injury, death and property damage occurring or arising from an occurrence in, on or
<br /> about such Owner's Unit or shall require that the Occupants of its Unit maintain such insurance.
<br /> All Liability Insurance shall comply with the following requirements and standards:
<br /> (a) All Liability Insurance shall be in an occurrence form (not a
<br /> claims made or "modified occurrence" form), insuring against any claims for personal injury,
<br /> advertising injury or bodily injury, death or property damage with limits not less than the following:
<br /> (i) Three Million Dollars ($3,000,000) bodily injury and property damage per occurrence limit,
<br /> Three Dollars ($3,000,000) general aggregate limit, Three Million Dollars ($3,000,000) personal
<br /> and advertising injury limit, and Three Million Dollars ($3,000,000) products-completed operations
<br /> aggregate limit, for the Commercial Condominium Owners and (ii) One Million Dollars
<br /> ($1,000,000) bodily injury and property damage per occurrence limit, One Million Dollars
<br /> ($1,000,000) general aggregate limit, for all Residential Condominium Owners. On each
<br /> Adjustment Date, the foregoing dollar limits shall be increased (but not decreased) as follows: The
<br /> amounts in effect immediately prior to an Adjustment Date shall be increased on such Adjustment
<br /> Date by a percentage equal to the percentage increase, as of such Adjustment Date, in the
<br /> Consumer Price Index for All Urban Consumers, Subgroup "All Items," as published by the United
<br /> States Department of Labor, Bureau of Labor Statistics for the San Francisco-Oakland-San Jose
<br /> Area (1982-84=100) from the date of recordation of this Declaration as to the first adjustment and
<br /> from the date of the previous adjustment as to all subsequent adjustments. For purposes of this
<br /> Declaration, an "Adjustment Date" shall mean each anniversary of the recording of this Declaration
<br /> in the Official Records beginning with the anniversary occurring in 2016 and continuing for the
<br /> entire term of this Declaration.
<br /> (b) All Liability Insurance (except that required from Residential
<br /> Condominium Owners) shall provide, without limitation, coverage for premises-operations,
<br /> explosion, collapse, and underground hazards, products-completed operations, blanket contractual
<br /> liability insurance, broad form property damage, bodily injury (employee exclusion deleted), liquor
<br /> legal liability, independent contractors, and cross-liability coverage (full separation of insureds).
<br /> 60
<br /> [DRAFT][05.03.14] C:\Program Files\Neevia.Com\Document Converter\temp\4056.doc
<br />
|