Common use of Annual Insurance Review Clause in Contracts

Annual Insurance Review. The Board must review the insurance at least once a year and in doing so consider: (a) the insurance needs of the Association and the Owners; and (b) how well the existing insurance covers these needs. The Board must review this analysis and the Board may then make any changes to the insurance it decides. All the Board decisions are final. The Board may obtain insurance directly for the Association. The Board has the right to decide to increase coverage or obtain more beneficial terms than those stated herein. The Board also may buy additional kinds of insurance that are not mentioned herein. All Board decisions are also final. The Board also has the right to decide to decrease coverage or obtain less beneficial terms, if it decides the coverage or terms are too expensive or not affordable.

Annual Insurance Review. The Board must review the insurance at least once a year and in doing so consider: : (a) the insurance needs of the Association and the Owners; and and (b) how well the existing insurance covers these needs. The Board must review this analysis and the Board may then make any changes to the insurance it decides. All the Board decisions are final. The Board may obtain insurance directly for the Association. The Board has the right to decide to increase coverage or obtain more beneficial terms than those stated herein. The Board also may buy additional kinds of insurance that are not mentioned herein. All Board decisions are also final. The Board also has the right to decide to decrease coverage or obtain less beneficial terms, if it decides the coverage or terms are too expensive or not affordable.