Condo Docs - Bella Vista Condominiums - Daytona Beach

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in an amount equal to the maximum funds that will be in the custody
of the Association or its management agent at any one time. The
Association shall bear the cost of bonding.
(7) Directors and Officers Liability Insurance: The Association shall
obtain and maintain adequate Directors and officers liability
insurance using the broad form of policy coverage for all Directors
and officers and, if available, for committee members of the
Association.
(8) Optional Coverage: The Association may purchase and carry such
other insurance coverage as the Board of Directors may determine
from time to time to be in the best interests of the Association and
unit owners.
C. Description of Coverage: A detailed summary of the coverage included
in the master policies shall be available for inspection by unit owners on
request.
D. Waiver ofSubrogation: The Board of Directors shall endeavor to
obtain, if available and where applicable, insurance policies which provide
that the insurer waives its rights to subrogation as to any claim against unit
owners, the Association, or their respective servants, agents, or guests.
E. Shares ofInsurance Proceeds: All proceeds of insurance policies
purchased by the Association shall be payable to the Association. The duty
of the Association shall be to receive such proceeds and hold and disburse
them for the purposes stated herein in the following shares:
F. Common Elements Proceeds on account of damage to common elements
shall be held in as many undivided shares as there are units, the shares of
each unit owner being the same as owner's share in the common elements.
(1) Units: Proceeds on account of damage to units shall be held in as
many undivided shares as there are damaged units, the share of each
owner being in proportion to the cost ofrestoring the damage suffered
by each such unit.
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