Coach 2013 Annual Report Download - page 324

(d) Each Unit Owner shall maintain Terrorism insurance in a sufficient amount to cover the full value of the Unit Owner’s
Unit if commercially available.
(e) With respect to any Repairs or Alterations affecting the General Common Elements, the Exclusive Use Common
Elements, the structure of the Building (including, without limitation, the penetration of the core and shell of the Building or the Building Systems (including,
without limitation, the mechanical, electrical or plumbing systems or any structural columns, slabs or load bearing walls), special form of “Builder’s Risk”
or “Installation Floater” insurance on a so-called Special Causes of Loss insurance policy, or equivalent coverage, including recurring “soft costs” form, on a
completed value non-reporting form basis covering 100% of the replacement cost value of the work. Such insurance shall provide coverage for materials
intended for installation in the Unit or Section, as the case may be, (whether or not such materials are stored on or off the job site, or are in transit to the job
site). Such insurance shall also include (but not be limited to) coverage for increased cost to repair or replace due to a change in law, ordinance, earthquake,
flood, water damages and collapse (it being understood, however, that the coverage for flood and earthquake insurance may contain a sublimit of $5,000,000
per occurrence and in the annual aggregate). The Board of Managers shall be named a loss payee as its interests may appear, under such “Builder’s Risk” or
“Installation Floater” policy. Such Builders Risk coverage shall include coverage for the rent loss and/or business interruption insurance on an actual loss
sustained basis in an amount not less than the annual amount of Common Charges and other amounts payable to the Board of Managers under the
Declaration and these By-Laws. Rental loss or business interruption coverage must be endorsed to include an extended period of indemnity endorsement of not
less than 360 days.
(f) Notwithstanding anything in this Section 12.2 to the contrary, if at any time Declarant becomes a Unit Owner and there
is no Declarant Net Lease, Declarant shall be entitled to self-insure or self-retain for any or all of the coverages required to be carried by Unit Owners.
(g) Each Unit Owner shall also comply with any applicable insurance requirements contained in (i) Sections 1.1(a), (b)
and (c) of Exhibit G to the Master Declaration, (ii) if a Declarant Net Lease is in effect as to its Unit, the requirements of the Declarant Net Lease, and (iii) so
long as the Building Loan Mortgage remains in effect as to its Unit, the Building Loan Agreement and the Building Loan Mortgage.
Section 12.3 Insurance as a Common Charge.
(a) The premiums for all Board of Managers Insurance shall be a Common Expense and shall be borne by each of the Unit
Owners as a Common Charge allocated in accordance with the Allocation Schedule. Any Unit Owner and any Sub-Board may request the Board of Managers
to obtain and maintain additional coverages and any changes or amendments to the terms and conditions of existing coverages with respect to insurance for the
Common Elements (but not for any Unit) (collectively, the “Additional Insurance Coverage”) and may require that all proceeds of any such Additional
Insurance Coverage (to the extent that it can be determined with reasonable certainty that such proceeds relate to such Additional Insurance Coverage and not to
insurance purchased by the Board of Managers on its own behalf) be payable to such Unit Owner or Sub-Board, provided, however, that (i) the cost of such
Additional Insurance Coverage shall be borne entirely by the Unit Owner requesting it and such Unit Owner shall indemnify the Board of Managers from any
Costs in connection therewith, and (ii) the Additional Insurance Coverage shall not: (1) preclude the Board of Managers from purchasing, for itself, insurance
coverage similar to such Additional Insurance Coverage; (2) preclude the Board of Managers from receiving proceeds from any Board of Managers Insurance
or other insurance; (3) cause the Board of Managers Insurance to be less protective; or (4) adversely affect the interests of the Unit Owners or the Board of
Managers.
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