Eagle landing homeowners association
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PO Box 506

Lancaster, VA 22503

Eagle Landing Homeowners Association developed using WIX.com

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Article 6 - Insurance and Casualty

Section 1 - Insurance with Respect to Eagle Landing Community Areas. Premiums for all insurance on the Eagle Landing Community Area shall be common expenses of the Association and shall be included in the annual assessment. The Board of Directors shall have the authority to and shall obtain blanket all-risk insurance, if reasonably available, for all insurable improvements on the Eagle Landing Community Area. If blanket all-risk coverage is not reasonably available then, at a minimum, an insurance policy providing fire and extended coverage shall be obtained. This insurance shall be in an amount sufficient to cover one hundred percent (100%} of the replacement cost of any repair or reconstruction in the event of damage or destruction from any insured hazard. The policy may contain a reasonable deductible and, in the case of casually insurance, the amount thereof shall be added to the face amount of the policy in determining whether the insurance at least equals the full replacement cost. The deductible shall be paid by the party who would be liable for the loss or repair in the absence of insurance and, if there are multiple parties, shall be allocated in relation to the amount each party's loss bears to the total. The Board of Directors shall also obtain a public liability policy covering the Eagle Landing Community Area, the Association, and all Lot Owners for all damage or injury caused by the negligence of the Association or any or its agents or Lot Owners. The public liability policy shall have at least a One Million Dollar ($1,000,000.00) single person limit as respects bodily injury and property damage, a Three Million Dollar (S3,000,000.00) limit per occurrence, if reasonably available, and a Five Hundred Thousand Dollar ($500,000.00) minimum property damage limit

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Section 2. Insurance with Respect to Recreational Facilities. With respect to Recreational Facilities owned or leased by the Association, the following provisions shall apply. Premiums for all insurance on the Recreational Facilities shall be Recreational Facilities expenses and shall be included in the annual Recreational Facilities assessment. The Board of Directors, or its duly authorized agent, shall have the authority to and shall obtain blanket all-risk coverage, if reasonably available, for insurable improvements on the Recreational Facilities. If blanket all-risk coverage is not reasonably available then, at a minimum, .an insurance policy providing fire and extended coverage shall be obtained. This insurance shall be in an amount sufficient to cover one-hundred percent ( 100%) of the replacement cost of any repair or reconstruction in the event of damage or destruction from any insured hazard. The policy may contain a reasonable deductible and, in the case of casually insurance, the amount thereof shall be added to the face amount of the policy in determining whether the insurance at least equals the full replacement cost. The deductible shall be paid by the party who would be liable for the loss or repair in the absence of insurance and, if there are multiple parties, shall be allocated in relation to the amount each party's loss bears to the total. The Board of Directors shall also obtain a public liability policy covering the Recreational Facilities, the Association, and all Lot Owners for all damage or injury caused by the negligence of the Association or any of its agents or Lot Owners. The public liability policy shall have at least a One Million Dollar ($1,000,000.00) single person limit as respects bodily injury and property damage, a Three Million Dollar ($3,000,000.00.) limit per occurrence, if reasonably available, and a Five Hundred Thousand Dollar ($500,000.00) minimum property damage limit.

 

Section 3. Requirements of Policies. All insurance coverage obtained by the Board of Directors shall he written in the name of the Association as trustee for the respective benefited parties, as further identified in (b) below. Such insurance shall be governed by the provisions hereinafter set forth.

 

(a) All policies shall be written with a company licensed to do business in the Commonwealth of Virginia which holds a rating of A or better and is assigned a financial size category of XI or larger as established by B. A. Best Company, Inc., if reasonably available or, if not available, the most nearly equivalent rating.

(b) All policies on the Eagle Landing Community Area shall be for the benefit of the Association and all Lot Owners.

(c) Exclusive authority to adjust losses under policies obtained by the Association shall be vested in the Association's Board of Directors provided, however, no Mortgagee having an interest in such losses may be prohibited from participating in the settlement negotiations, if any, related thereto.

(d) In no event shall the insurance coverage obtained and maintained by the Association's Board of Directors hereunder be brought into contribution with insurance purchased by individual Lot Owners, occupants, or their Mortgagees.

(e) All casualty insurance policies shall have an inflation guard endorsement, if available at a reasonable premium, and an agreed amount endorsement.

(f) The Association's Board of Directors shall be required to make reasonable efforts to secure insurance policies that will provide for the following:

(i) a waiver by the insurer of its rights to subrogation as to any claims against the Association's Board of Directors, its agents, and the Lot Owners and their respective tenants, servants, agents, and guests;

(ii) a waiver by the insurer of its rights to repair and reconstruct, instead of paying cash;

(iii) a statement that no policy may be canceled, invalidated, suspended, or subject to nonrenewal on account of the conduct of any one or more individual Lot Owners; ·

(iv) a statement that no policy may be canceled, invalidated, suspended, or subject to nonrenewal on account of the conduct of any director, officer, or employee of the Association or its duly authorized agent without prior demand in writing delivered to the Association to cure the defect and the allowance of a reasonable time thereafter within which the defect may by cured by the Association, its agent, any Lot Owner or Mortgagee;

(v) that any "other insurance" clause in any policy exclude individual Lot Owner's policies from consideration; and,

(vi) that the Association will be given at least thirty (30} days prior written notice of any cancellation, substantial modification, or nonrenewal.

 

Section 4. Additional Coverage. In addition to the other insurance required by this Article, the Board of Directors shall obtain, as a common expense, (a) worker's compensation insurance, if and to the extent required by law; (b) director's and officer's liability coverage, (c) a fidelity bond or bonds on directors, officers, agents, and employees handling or responsible for the Association's funds, if available at a reasonable premium; and (d) flood insurance, if required. The amount of fidelity coverage shall be determined in the Board of Director's best business judgment but, if available at a reasonable premium, may not be less than three (3) month's annual assessments on all Lots, plus reserves on hand. Bonds shall contain a waiver of all defenses based upon exclusion of persons serving without compensation and shall require at least thirty (30) days prior written notice to the Association of any cancellation, substantial modification, or non-renewal.

 

Section 5. Individual Insurance. By virtue of taking title to property within Eagle Landing subject to the terms of this Declaration, each Lot Owner covenants and agrees to carry blanket all-risk (casualty insurance on the Lot Owner's property and structures constructed thereon meeting the same requirements as set forth in Section 3 of this Article. Each Lot Owner further covenants and agrees that, upon any partial loss or damage and destruction resulting in less than total destruction of structures upon the Lot Owner's Lot, the Lot Owner shall proceed promptly to repair or reconstruct the damaged structure in a manner consistent with the original construction or such other plans and specifications as are approved in accordance with this Declaration. The Lot Owner shall pay any cost of repair or reconstruction which is not covered by insurance proceeds. lf the structure is totally destroyed the Lot Owner may decide not to rebuild or to reconstruct, in which case the Lot Owner shall clear the Lot of all debris and return it to substantially the natural state In which it existed prior to the beginning of construction and thereafter the Lot Owner shall continue to maintain the Lot in a neat and attractive manner consistent with the Eagle Landing Standards:(hereinafter defined).

 

Section 6. Damage and Destruction.

 

(a) Immediately after damage or destruction by fire or other casualty to all or any part of the property covered by insurance written in the name of and for the benefit of the Association, the Board of Directors shall proceed with the filing and adjustment of all claims arising under such insurance and obtain reliable and detailed estimates of the cost of repair or reconstruction of the damaged or destroyed property.

(b) Any damage or destruction to the Eagle Landing Community Area shall he repaired or reconstructed unless Lot Owners representing at least seventy-five percent (75%) of the total votes of all Lot Owners shall decide within sixty (60) days after the casualty not to repair or reconstruct. If for any reason either the amount of the insurance proceeds to be paid or reliable and detailed estimates of the cost of repair or reconstruction, or both, are not made available to the Association within the sixty (60) day period, then the period shall be extended until such information shall be made available; provided, however, such extension shall not exceed an additional sixty (60) days. No Mortgagee shall have the right to participate in the determination of whether the damage or destruction to Eagle Landing Community Area shall be repaired by the term of any Mortgage.

(c) If it is determined in the manner described above .that the damage or destruction to the Eagle Landing Community Area shall not be repaired or reconstructed and no alternative improvements are authorized, then the affected property shall be restored to its natural state and maintained by the Association in a neat and attractive condition.

Section 7. Disbursement of Proceeds. If the damage or destruction for which the proceeds of insurance policies are paid is to be repaired or reconstructed, the proceeds, or such portion thereof as may be required for such purpose, shall be disbursed in payment of such repairs or reconstruction as hereinafter provided. Any proceeds remaining after defraying such costs of repair or reconstruction to the Eagle Landing Community Area shall be retained by and for the benefit of the Eagle Landing Community Area. If no repair or reconstruction is made, any proceeds remaining after such settlement as is necessary and appropriate with the affected Mortgagee, shall be retained by and for the benefit of the Association and placed in an appropriate capital improvements account. This is a covenant for the benefit of any Mortgagee of a Lot and may be enforced by such Mortgagee.

 

Section 8. Repair and Reconstruction. If the damage or destruction to the Eagle Landing Community Area for which insurance proceeds are paid is to be repaired or reconstructed, and such proceeds are not sufficient to defray the cost thereof, the Board of Directors may levy a special assessment without any approval of the members being required, in an amount sufficient to defray the cost thereof. Additional assessments may be made in like manner at any time during or following the completion of any repair or reconstruction.