Coach 2013 Annual Report Download - page 326

(ii) with respect to Special Causes of Loss, Comprehensive Boiler & Machinery, or other property coverage,
contain a waiver of the insurer’s right of subrogation against the Unit Owners, the Board of Managers, any Permitted Mortgagee, any Declarant Net
Lessee, any Declarant Net Lessor, and all occupants.
(iii) provide that before any material change or cancellation of a policy for which an additional insured or loss payee
is required to be named pursuant to this Article 12, at least thirty (30) days advance written notice, and ten (10) days written notice for non-payment
of premium, shall be given in the case of insurance required to be maintained by: (y) the Board of Managers, to each Unit Owner and Sub-Board;
and (z) a Unit Owner or Sub-Board, to the other Unit Owners and the Board of Managers.
(iv) be primary as to the named insured and not be entitled to contribution from any other insurance that may be
maintained by any other party.
(v) if available without additional premium, contain an endorsement or agreement by the insurer that any loss shall
be payable in accordance with the terms of such policy notwithstanding any act or negligence of the policy holder.
(d) All policies of Special Causes of Loss and Comprehensive Boiler & Machinery property coverage required to be
obtained by any Person pursuant to these By-Laws shall name its Permitted Mortgagee, if any, as a “mortgagee” under a standard New York State mortgagee
clause or its equivalent which shall provide that the loss, if any, thereunder shall be payable to such Permitted Mortgagee, as its interest may appear, subject,
however, to the provisions of Section 12.8 hereof.
(e) All policies of Special Causes of Loss and Comprehensive Boiler & Machinery property coverage required to be obtained
by the Board of Managers shall (A) provide that adjustment of loss shall be made by the Board of Managers on behalf of all Unit Owners, Permitted
Mortgagees, if applicable, and Declarant Net Lessees, and (B) name the Board of Managers, or at the election of the Board of Managers, an insurance trustee
meeting the qualifications set forth in Section 12.9 hereof (an “ Insurance Trustee”) as “loss payee” as agent for the insured in the event the proceeds payable
are in excess of $1,000,000.
(f) If the Special Causes of Loss property insurance is provided by multiple carriers, a claims settling agent representing all
carriers will be assigned when coverage is bound.
Section 12.5 Evidence of Insurance.
(a) Board of Managers Insurance. The Board of Managers shall deliver to all Unit Owners, each Permitted Mortgagee, each
Declarant Net Lessee, and (so long as a Declarant Net Lease is in effect) the Declarant Net Lessor, a certificate of insurance evidencing the Board of Managers
Insurance, and promptly after issuance of any renewal or replacement policy, shall deliver a new certificate evidencing same, together with proof of payment of
premiums.
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