While
The Declaration of Condominium Ownership for The Cliffs Association document contains
over 20 articles, The Cliffs Association Board of Directors feels that the 18th
article concerning insurance is an important one to reiterate and have
available on the web site for both current and potential Unit owners.
Article
18 outlines what insurance the Association is responsible to procure and what
insurance Unit owners are responsible to procure. Insurance for unit owners is
sometimes called a “walls in” policy at some agencies. However unit owners
should note to their insurance agent that the Association does not cover any of the Inside Courtyards, and Decks
and Driveways outside the unit. Please see the Abbreviated Responsibilities document on this site for additional information.
Please note the below wording on this website does NOT constitute the
full original document Unit Owners should receive upon offer of purchase of their unit, nor does it entail the entire
Declaration of Ownership. Please refer to original document. It is merely
offered here for convenience for quick reference
[1] Fire and Extended Coverage Insurance
(a) The
Board shall from time to time obtain for the benefit of all unit owners
insurance on the buildings and all other structures and improvements constituting
part of the condominium property and on the permanent additions and
improvements located within the bounds of each unit against the loss of damage
by fire, lightning, such perils as are comprehended within the term “extended
coverage,” vandalism, and malicious mischief in an amount not less than the
full replacement value thereof. Such
insurance shall be written in the name of, and the proceeds thereof shall be
payable to the Cliffs Association as trustee for the unit owners and their
respective mortgagees, as their interest may appear, and provisions shall be made for the insurance
upon request, of certificates of such insurance to unit owners and their
respective mortgagees. The coverage afforded by such insurance shall be reviewed
by the Board not less frequently than once each year to determine if the
amounts payable thereunder and the coverage thereof comply with requirements of
this subparagraph (a).
Each
unit owner shall promptly advise the Board or any managing agent, if any, of
the nature and value of any permanent additions or improvements contemplated to
be made with respect to his/her unit.
Such insurance shall also provide for the waiver by the insurer of any
and all rights of subrogation or assignment and all causes and rights of
recovery against the unit owners, and their respective families, tenants,
guests and servants, and each of them, The Cliffs Association, The Board, and
managing agent and all persons lawfully in possession or control any part of the
condominium property for liability against them or any of them for any loss occurring
to the insured property resulting from any of the perils insured against under
such insurance policy.
(b) Any
unit owner may obtain individual contents or chattel property insurance, but no
unit owner may procure any individual policies of insurance insuring against
any loss or damage covered by any of the insurance procured by the Board in
accordance with subparagraph (a) of this paragraph.
(1). All policies of insurance purchased by unit
owners shall contain waivers of subrogation or assignment in form satisfactory
to the Board, and copies of all such policies shall be deposited with the Board
or the managing agent.
(2)
Public Liability Insurance. The Board shall insure itself, The Cliffs
Association, any managing agent, the unit owners and their respective families,
tenants, guests and servants and all persons lawfully in possession or control
of any part of the condominium property, against liability for bodily injury,
disease, illness or death and for injury to or destruction of property occurring
upon, in or about, or arising from or relating to the common areas and
facilities, such insurance to afford protection to a limit of not less than One
Million Dollars ($1,000,000) in respect to bodily injury, disease, illness or
death suffered by any one person, and to the limit of not less than One Million
Dollars ($1,000,000) in respect to any one occurrence and to the limit of not
less than Five Hundred Thousand Dollars ($500,000) in respect to damage to or
destruction of property arising out of any one accident. Such insurance shall not insure against
liability for personal injury or property damage arising out of or relating to
individual units.
(3) Board Agent The
board shall to the exclusive agent for each of the unit owners and for each holder
of a mortgage or other lien upon any unit, to adjust all claims arising under
insurance policies procured by the board and to execute and deliver releases
upon payment of claims.
