Association Insurance Clause Samples

Association Insurance. The Association procures and formally resolves to maintain at its sole cost and expense, commencing no later than the City’s release of all of Owner’s landscape maintenance bonds, a policy of public liability insurance which at least meets the requirements of Section 5.1(a) of the Community Declaration which reads as follows:

Association Insurance. The Association, acting through its Board or its duly authorized agent, shall obtain blanket “all-risk” property insurance, if reasonably available, for all insurable improvements on the Common Area and on other portions of the Area of Common Responsibility to the extent that it has assumed responsibility for maintenance, repair and/or replacement in the event of a loss. The Association shall have the authority to and interest in insuring any privately or publicly owned property for which the Association has maintenance or repair responsibility. Such property shall include, by way of illustration and not limitation, any insurable improvements on or related to parks, rights-of-way, medians, easements and walkways which the Association is obligated to maintain. If blanket “all-risk” coverage is not generally available at reasonable cost, then the Association shall obtain fire and extended coverage, including coverage for vandalism and malicious mischief. The face amount of the policy shall be sufficient to cover the full replacement cost of the insured property. The cost of such insurance shall be a Common Expense to be allocated among all Units subject to assessment as part of the annual Base Assessment. In addition, the Association may, upon request of a Neighborhood, and shall, if so specified in a Supplemental Declaration applicable to the Neighborhood, obtain and continue in effect adequate blanket “all-risk” property insurance on all insurable Limited Common Area improvements within such Neighborhood, if reasonably available. If “all- risk” property insurance is not generally available at reasonable cost, then fire and extended coverage may be substituted. Such coverage may be in such form as the Board of Directors deems appropriate. The face amount of the policy shall be sufficient to cover the full replacement cost of all structures to be insured. The costs shall be charged to the Owners of Units within the benefited Neighborhood as a Neighborhood Assessment. All policies shall provide for a certificate of insurance to be furnished to each Member insured, to the Association, and to the Neighborhood Association, if any. The Association shall have insurance responsibility for the Golf Course. The Association also shall obtain a public liability policy on the Area of Common Responsibility, insuring the Association and its Members for damage or injury caused by the negligence of the Association or any of its Members, employees, agents or contractors whil...

Association Insurance. The insurance requirements set out in the following sub-paragraphs are independent from all other obligations of the Parties to this Agreement and apply whether or not required by any other provision of the Agreement, and regardless of the enforceability of any other provisions of this Agreement. (a) The Association hereby agrees to maintain at all times and to provide evidence of the following insurance coverages: Commercial General Liability (“CGL”) Insurance extended to include: 1) $1,000,000.00 limit each occurrence for bodily injury and property damage, $2,000,000.00 general aggregate limit, $1,000,000.00 products and completed operations limit; 2) contractual liability coverage, 3) $1,000,000.00 limit for non-owned and hired automobile liability, 4) “your real estate managing agent” included within the definition of “Insured” in the policy language, and 5) “Community Group Inc. and any and all of its directors, officers, employees, servants and agents” to be specifically designated as “additional insured” using ISO Additional Insured Endorsement CG 20 26 11 85 or an endorsement providing equivalent or broader coverage to the additional insureds. Coverage for additional insureds shall apply as primary and non-contributing insurance before any other insurance or self insurance, including any deductible, maintained by or provided to the additional insureds. (b) Directors’ and Officers’ Liability Insurance with limits of not less than $1,000,000.00 per claim and aggregate, providing a retroactive date back to the inception date of the Association, and naming Community Group Inc. and any and all of its affiliated or related entities, directors, officers, employees, servants and agents to be specifically designated as “additional insureds.” (c) Workers’ Compensation Insurance in the form of an “if any” policy covering all employees and volunteers of the Association. Said policy shall be endorsed to include a waiver of subrogation in favor of Agent. (d) Umbrella or Excess Liability Insurance: 1) with limits of not less than $3,000,000.00 each occurrence and aggregate, 2) providing follow-form coverage over the General Liability, Directors’ and Officers’ Liability and Employer’s Liability policies, 3) coverage must include as insureds all entities that are additional insureds on the CGL policy, and 4) coverage for such additional insureds shall apply as primary before any other insurance of self-insurance, including any deductible, maintained by or provided ...

Association Insurance. The Association, acting through its Board or its duly authorized agent, shall obtain and continue in effect if reasonably available the following types of insurance: (a) Blanket property insurance covering “risks of direct physical loss” on a “special form” basis (or comparable coverage by whatever name denominated) for all insurable improvements on the Common Area and on other portions of the area of Common Responsibility to the extent that it has assumed responsibility for maintenance, repair and/or replacement in the event of a casualty. In addition, the Association may, upon request of a Neighborhood, and shall, if so specified in a Supplemental Declaration applicable to the Neighborhood, obtain and continue in effect property insurance covering “risks of direct physical loss” on a “special form” basis for all insurable improvements in the Neighborhood. If “risks of direct physical loss” on a “special form” basis is not generally available at reasonable cost, then “broad form” coverage may be substituted. All property insurance obtained by the Association on the behalf of a Neighborhood shall be charged to the Owners of lots within the benefited Neighborhood as a Neighborhood Assessment; (b) Commercial general liability policy on the Area of Common Responsibility, insuring the association and its Members for damage or injury caused by the negligence of the Association or any of its Members, employees, agents, or contractors while acting on its behalf. If generally available at reasonable cost, the commercial general liability policy shall have a limit of at least $1,000,000.00 per occurrence with respect to bodily injury, personal injury and property damage. (c) Workers compensation insurance and employers liability insurance if and to the extent required by law; (d) Directors and officers liability coverage; (e) Fidelity and insurance covering all persons responsible for handling Association funds in an amount determined by its best business judgment but not less than one-sixth of the annual Base Assessments on all Lots plus reserves on hand. Fidelity insurance policies shall contain a waiver of all defenses based upon the exclusion of persons serving without compensation; and (f) Such additional insurance as the Board, in its best business judgment, determines advisable. (g) The Association shall have no insurance responsibility for any part of property of any Private Amenity.

Association Insurance. The Students’ Union and GSA shall each maintain at its sole cost insurance as follows: a. general public liability insurance against claims for personal injury, death or property damage arising out of the operations of the named insured with respect to its obligations assumed under this Agreement, such insurance to afford protection to the combined single limit for personal injury, death or property damage of not less than two million ($2,000,000.00) Dollars or such other limits as may be approved or requested by the University; b. other insurance as set out in the Lease Agreement.

Association Insurance. The Association shall maintain in full force and name the Management Firm on the Association’s Directors and Officers Policy, General Liabilities Policy, and Fidelity Bond Coverage. The Association shall in such amount as deemed necessary to comply with the insurance requirements ofFlorida Law on a primary basis to the Association covering acts of the Association (and its officers, directors, agents and employees) and the Management Firm (and it officers and employees).

Association Insurance. (a) The Association, or its duly authorized agent, shall have the authority to and shall obtain blanket all-risk insurance, if reasonably available, for all insurable improvements on the Common Area. If blanket all-risk coverage is not reasonably available, then, at a minimum, an insurance policy providing fire and extended coverage shall be obtained. This insurance shall be in an amount sufficient to cover one hundred percent (100%) of the replacement costs of any repair or reconstruction in the event of damage or destruction from any insured hazard. The Association shall also obtain a public liability policy covering the Common Area, the Association and its member Owners for all damage or injury caused by the negligence of the Association or any of its member Owners or agents. The public liability policy shall have at least a $1,000,000.00 single person limit with respect to bodily injury and property damage, a $3,000,000.00 limit per occurrence, if reasonably available, and a $500,000.00 minimum property damage limit. (b) If the Owners of at least seventy-five percent (75%) of the Lots so elect, the Association, or its duly authorized agent, shall have the authority to and shall obtain blanket all-risk casualty insurance on every Owner’s Lot and Townhouse, in an amount sufficient to cover one hundred percent (100%) of the replacement costs of any repair or reconstruction in the event of damage or destruction from any insured hazard. (c) Premiums for all insurance obtained by the Association shall be Common Expenses of the Association. Any policy may contain a reasonable deductible, which shall be paid by the party who would be responsible for the repair in the absence of insurance, and in the event of multiple parties, shall be allocated in relation to the amount of each party's loss bears to the total. All insurance coverage obtained by the Association shall be written in the name of the Association as trustee for the benefit of the Association, the Owners and their respective mortgagees, as their interests may appear.

Association Insurance. The Association agrees to insure and maintain in force at its own expense adequate insurance against the loss or damage by fire and other hazards within the meaning of "extended coverage" with respect to the Association, naming the Association as the insured and the Agent as additional insured, in form and substance reasonably satisfactory to the Agent using a form Accord 28 or its equivalent, and to furnish the Agent evidence of the existence of such insurance. In the event of an incident, loss or claim, the Association shall notify the Agent forthwith.

Association Insurance. Manager shall use its best efforts to procure and keep in force all insurance and/or bonds required. In the event said insurance and/or bonds are not ascertainable, Manager shall notify the Board at once. Manager shall administer all such insurance and claims under such insurance policies. Such insurance shall include, but shall not be limited to: (i) A policy of insurance showing the Association as the named insured, and Manager as an additional insured, evidencing that the Association is insured under the laws of the State of Louisiana in accordance with the provisions of the applicable statutes; (ii) A policy or policies of insurance showing the Association as the named insured, evidencing that the Association is insured against loss from embezzlement, misappropriation and misapplication of funds by the Association's employees retained by Manager, in an amount satisfactory to the Louisiana Division of Real Estate and to the equivalent agency of any other state in which Hotel Maison Pier▇▇ ▇▇▇▇▇▇▇, ▇▇d., a Louisiana corporation (the "Developer") registers the Property for sale. Manager shall use its best efforts to insure that all such policies provide that the same shall not be canceled except upon thirty (30) days prior written notice to the Association.