§7 INSURANCE
7.10. Fire And Casualty Insurance. The Cooperative shall obtain and maintain, or cause to be obtained and maintained, a master or blanket policy of all risk property insurance coverage for all the Improvements within the Project, insuring against loss or damage by fire or other casualty, in an amount equal to the current full replacement cost (without respect to depreciation) of such Improvements, and exclusive of land, foundations, excavation and other items normally excluded from coverage. A replacement cost endorsement shall be part of the policy. The policy shall name as insured the Cooperative, and the Members, as their respective interests may appear, and may contain a loss payable endorsement in favor of the Insurance Trustee described below.
(A) Insurance Trustee. If the insurance proceeds payable under this Section 7.10 exceed Fifty Thousand Dollars ($50,000), then the proceeds shall be paid to and held by the Insurance Trustee in trust for the Cooperative, Owner Members and Renter Members, as their respective interests shall appear.
7.20. Other Insurance. The Cooperative shall also obtain and maintain the following insurance, unless the Board determines otherwise.
(A) A hazard policy insuring all equipment and fixtures owned bythe Cooperative, unless the Board determines that such insurance is not necessary;
(B) Comprehensive general liability insurance insuring the Cooperative (including the Cooperative's employees, manager, officers, directors and agents), Members, Sponsor (including Sponsor's employees, officers, directors and agents) and occupants of all Units and their respective family members, guests, and invitees, against any liability incident to the ownership or use of the Project, and including, if obtainable, a cross liability or severability of interest endorsement insuring each insured against liability to each other insured. Such insurance shall provide a combined single limit of not less than One Million Dollars ($1,000,000) covering all claims for death, personal injury, and/or property damage arising out of a single occurrence;
(C) Worker's compensation insurance to the extent required by law;
(D) Fidelity bonds or insurance covering officers, directors, Members and employees that have access to any Cooperative funds;
(E) Flood insurance if the Project is located in an area designated by the appropriate governmental agency as a Special Flood Hazard Area;
(F) To the extent available, insurance in an amount not less than One Million Dollars ($1,000,000) on behalf of any director, officer or member of a committee (collectively, "agents") of the Cooperative against any liability asserted against or incurred by the agent in such capacity or arising out of the agent's status as such,
(G) Earthquake insurance, if obtainable for a cost deemed reasonable by the Board; and
(H) Such other insurance as the Board in its discretion considers necessary or advisable.
7.30. Requirements. Any insurance maintained by the Cooperative shall contain a “waiver of subrogation” as to the Cooperative (including the Cooperative’s employees, manager, officers, directors and agents), the Members, and the occupants of the Units. The Board shall periodically (and not less than once every three (3) years) review all insurance policies maintained by the Cooperative to determine the adequacy of the coverage and to adjust the policies accordingly.
7.40. Member’s Property Insurance. It shall be the responsibility of each Member to provide insurance on his or her personal property and upon all other property within his or her Unit which is not insured by the Cooperative’s blanket policy. Nothing herein shall preclude any Member from carrying any public liability insurance as he or she may deem desirable to cover his or her individual liability for damage to Persons or property occurring inside his or her individual Unit or elsewhere upon the Project. Such other policies shall not adversely affect or diminish any liability under any insurance obtained by the Cooperative, and, upon request, duplicate copies of such other policies shall be deposited with the Board. If any loss intended to be covered by insurance carried by the Cooperative shall occur and the proceeds payable hereunder shall be reduced by reason of insurance carried by any Member, such Member shall assign the proceeds of such insurance carried by him or her to the Cooperative, to the extent of such reduction, for application by the Board to the same purposes as the reduced proceeds are to be applied. All such insurance that is individually carried must contain a waiver of subrogation rights by the insurer as to the Cooperative (including the Cooperative’s employees, manager, officers, directors and agents), the Members and the occupants of the Units.
7.60. Indemnity. To the extent not covered by insurance maintained by the Cooperative or any Member, each Member shall indemnify, protect, defend, and hold harmless the Cooperative (including the Cooperative’s employees, manager, officers, directors and agents), and all other Members from and against all liability, loss, claims and demands of third persons to the extent arising out of the acts or omissions of (i) such Member and the occupants residing in such Member’s Unit, and (ii) the respective family members, guests, invitees, employees and agents of such Member or Member’s occupants. Each Member, by acceptance of his or her Membership Certificate, agrees personally and for Family members, contract purchasers, guests and invitees to indemnify each and every other Member, the Cooperative (including the Cooperative’s employees, manager, officers, directors and agents), all other Members and to hold them harmless from, and to defend them against, any claim of any Person for personal injury or property damage occurring within the Unit of that particular Member, except to the extent (i) that such injury or damage is covered by liability insurance in favor of the Cooperative or other Member or (ii) the injury or damage occurred by reason of the willful or negligent act or omission of another Member, the Cooperative (including the Cooperative’s employees, manager, officers, directors and agents), and all other Members.
7.70. Provision To Adjust Losses. Subject to contrary provisions of the Ground Lease, the Board is appointed attorney-in-fact by each Member to negotiate and agree on the value and extent of any loss under any policy carried by the Cooperative pursuant to this Section 7. The Board is granted full right and authority to compromise and settle any claim or enforce any claim by legal action or otherwise and to execute releases in favor of any insured.
7.80. Notice of Expiration Requirements. If available, all of the policies of insurance maintained by the Cooperative shall contain a provision that said policy or policies shall not be canceled, amended or terminated, or expired by their terms, without ten (10) days’ prior written notice to the Board of Directors.