3000 41ST ST WHOLE SITE DOCUMENTS 2026-01-15

:k All insurance coverage obtained by the Board on behalf of the Association shall: (a) be written with a company authorized to do business in Washington which holds a B or better general policyholder's rating, or a financial performance index of 6 or better in the Best's Key Rating Guide, or an A or better rating from Demotech, Inc., or in the alternative, the highest rating generally available; (b) be written in the name of the Association as trustee for the benefitted parties (policies on the Common Area shall be for the benefit of the Association and its Members); (c) vest.in the Board exclusive authority to adjust losses, provided that a Mortgagee having an interest in such losses may participate in any settlement negotiations; (d) provide that it will not be brought into contribution with insurance purchased by individual Owners, occupants or their Mortgagees; (e) if for property insurance, have inflation guard endorsements, if reasonably available; (f) if containing a co-insurance clause, have an agreed amount endorsement, if reasonably available; and (g) provide for a Certificate of Insurance to. be furnished to the Association. A copy of such Certificate shall be provided by the Association to any Member upon request. The Association shall arrange for an annual review of the sufficiency of insurance coverage by one or more qualified persons, at least one of whom must be in the real estate industry and familiar with construction in the area of Snohomish County, Washington. The Board shall use reasonable efforts to secure insurance policies that provide endorsements: (a) waiving subrogation as to any claims against the Association's .Board, officers, employees and Manager, the Owners and occupants of Lots and their respective tenants, servants, agents and guests; (b) waiving rights of the insurer ,to repair and reconstruct instead of paying cash; 13 DECLARATION OF SIMPSON FAMBS\Polygon\Simpson Project\Dec CCRs cln4.docx 4/13/2015 (H� #2.14264.013