Insurance Amendment to By-Laws

Each UNIT OWNER shall obtain person liability and property insurance at his or her own expense affording coverage upon his or her UNIT and personal property in an amount sufficient to return his or her UNIT, after a casualty loss, to its original condition.  Said insurance policy shall contain a waiver of subrogation if the same is available.  Said insurance policy shall include that portion of the COMMON ELEMENTS over which the UNIT OWNER has an exclusive easement as defined and enumerated herein.  Nevertheless, no UNIT OWNER shall maintain insurance coverage in such a way as to decrease the amount which the Board of Directors on behalf of the UNIT OWNERS may recover under any insurance policy which the Board of Directors or the ASSOCIATION may have in force at any particular time.

Each UNIT OWNER must provide to the ASSOCATION, or its agent, a certification of insurance at least once a year, or more often if requested by the ASSOCIATION or its agent.  Failure to comply within thirty (30) days of said request may result in a fine of up to $200.00 per month.

If the ASSOCIATION, or its agent, is notified of a cancellation of any UNIT OWNER’s insurance policy for his or her UNIT, or the ASSOCIATION or its agent discover that a UNIT is uninsured, the ASSOCATION or its agent has the right to obtain a personal liability and property insurance policy on the UNIT in question from an insurer of the ASSOCIATION’s own choosing and under the same terms listed above.  All costs associated with the procurement of an insurance policy either by the ASSOCIATION or its agent, will be assessed against the UNIT in question as a lien along with all attorneys’ fees and expenses relating to the placement of said lien being charged against the UNITs.