Association Insurance. The Association shall obtain and maintain the following insurance:
A. A policy of casualty insurance insuring for repair and replacement of improvements within the Common Area in such amounts and types of coverage as the Owners mutually agree as being prudent based upon the nature of the improvements within the Common Area.
B. An occurrence version comprehensive general liability policy insuring the Association, its agents, and the Owners against liability incident to the ownership or use of the Common Area or any other Association owned or maintained real or personal property; the amount of general liability insurance which the Association shall carry at all times shall be not less than Two Million Dollars ($2,000,000) and in no event less than the minimum amounts required by California Civil Code §§ 1365.7 and 1365.9;
Association Insurance. Provided the Portsmouth Conference Center Hotel Association maintains a “master” or “blanket” policy on the Portsmouth Property through carriers with ratings by Standard & Poor’s Ratings Services and the current Best’s Insurance Reports reasonably acceptable to Lender and which provides insurance coverage against the hazards specified on Article VI (collectively, the “Association Policies”), then Portsmouth Borrower’s obligation to maintain insurance coverage on the Portsmouth Property pursuant to Article VI is deemed satisfied to the extent that the required coverage is provided by the Association Policies. Portsmouth Borrower shall give Lender prompt notice (after Portsmouth Borrower’s receipt of notice) of any lapse in required insurance coverage. Notwithstanding anything to the contrary contained herein, in the event of any damage or destruction of all or any portion of the Portsmouth Property, Lender hereby consents to the use of any insurance proceeds to pay the costs of repairing or restoring such damage or destruction in accordance with the Association Documents, provided, however, that at the request of Lender, Portsmouth Borrower covenants and agrees to cause Lender to be designated “Insurance Trustee” of such insurance proceeds pursuant to the Association Documents. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, any proceeds payable to Portsmouth Borrower are hereby assigned and shall be paid to Lender for application for restoration in accordance with Article VI hereof. Notwithstanding any of the foregoing, nothing contained herein shall limit Portsmouth Borrower’s obligation hereunder to take all necessary actions to rebuild the Portsmouth Property, subject to the Association Documents. Not later than thirty (30) days prior to the expiration date of each of the Association Policies, if any, Portsmouth Borrower shall deliver to Lender satisfactory evidence of the renewal of each of the Association Policies. Each Association Policy shall contain the standard mortgagee clause endorsement making the Lender the person to whom all payments made by the insurer shall be paid, as its interest may appear, subject to the provisions of the Association Documents. To the extent not covered by the Association Policies, Portsmouth Borrower will keep the Property insured against the hazards specified on Article VI and shall pay the premiums for such insurance as same become due and...
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 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 policies obtained by the Association shall have policy limits sufficient to cover the full insurable replacement cost of the insured property. Costs of property insurance obtained by the Association on 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;
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. Subject to the Association’s Governing Documents, the Association hereby agrees to maintain at all times and to provide evidence of the following insurance coverages:
(a) Commercial General Liability Insurance extended to include: 1) $ limit each occurrence for bodily injury and property damage, $ general aggregate limit, $ products and completed operations limit; 2) contractual liability coverage, 3) $ limit for non-owned and hired automobile liability, 4) coverage for any claims alleging bodily injury or property damage due to mold, mildew, indoor air quality or similar claims, 5) “your real estate managing agent” included within the definition of “Insured” in the policy language, and 6) and any and all of its affiliated or related entities, 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 noncontributing 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 $ per claim and aggregate, providing a retroactive date back to the inception date of the Association, and naming and any and all of its affiliated or related entities, directors, officers, employees, servants and agents to be specifically designated as “additional insureds”.
(c) Worker’' Compensation Insurance according to State statutory limits covering all employees, subcontractors, or volunteers of the Association, with employer's liability limits of not less than $500,000.00 each accident for bodily injury, $500,000.00 each employee for bodily injury caused by disease, and $500,000.00 policy limit for bodily injury caused by disease. Said policy shall be endorsed to include a waiver of subrogation in favor of the Agent.
(d) Umbrella or Excess Liability Insurance: 1) with limits of not less than $ each occurrence and aggregate, 2) providing follow-form coverage over the General Liability, Dir...
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. 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 Pierxx Xxxxxxx, Xxd., 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.
Association Insurance. The Association gives the Manager permission to send an Broker of Record change to the Association’s current insurance providers stating that the Association wishes to name CiraConnect Insurance Services as its exclusive repre sentative effective immediately for all lines of business, currently in force or submitted b y application. The Association shall maintain in full force and effect at all times and at its own expense a general liability insurance with limits equal to or greater than $3,000,000 each occurrence and $3,000,000 in the aggregate, which shall include co verage for any employee-related claims of management staff. Manager shall be named as an additional insured on the Association’s general liability insurance, along with a waiver of subrogation reasonably acceptable to Manager. The Association shall also maintain in full force and effect 1) Directors and Officers coverage, and
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. The Association will, throughout the term of the Agreement and at the Association’s sole expense, maintain the following insurance coverage:
a. Occurrence-based Commercial General Liability insurance with limits of at least $1,000,000 each occurrence and aggregate. The policy will include “your real estate manager” within the definition of insured;
