Condo Insurance

The Association purchases an insurance policy tailored to condominium associations. The property portion covers the structures. Currently the Carrier of the policy for Bromley is State Farm. Their policy is an "all-in" policy… meaning that for a major disaster, State Farm covers all appliances and the interior surfaces for which the governing documents assign responsibility to the unit owner. Unit owners should be purchasing an "HO6" Condominium unit owner's policy from the vendor of their choice. Some prefer to purchase a policy from the same company as the condominium's policy, but that is not necessary. The Association's policy does not cover alternative living expenses. You should cover your personal property, liability, and alternative living expenses at levels that you are comfortable with. These policies are not as expensive as a homeowners policy and I believe you will find them to be quite reasonable in cost. Any insurance agent should be able to ascertain reasonable limits… but try not to go cheap… things generally cost more than you realize when a true situation happens and the incremental cost of increasing limits is usually worth the money. If you intend to rent out the unit, the insurance policy should be changed to cover other items as a landlord.

Bromley Condo 3rd Amendment filed copy 2013-02-01

Condominium Bylaws Article V, Section1 is hereby amended to read as follows:

Section 1. Responsibility For Reconstruction Or Repair. In the event any part of the Condominium property shall be damaged, the determination of whether or not it shall be reconstructed or repaired shall be made in the following manner:

(a) One or More Units Tenantable. If any part of the Condominium Premises is damaged or deteriorated, the damaged or deteriorated property shall be rebuilt or repaired unless not less than 67% of the eligible co-owners and 51% of the holders of first mortgages determine that the Condominium shall be terminated.

(b) No Unit Tenantable. In the event the Condominium is so damaged that no Unit is tenantable, the damaged property shall not be rebuilt and the Condominium shall be terminated, unless seventy-five (75%) percent or more of all the Co-owners in number agree to reconstruction by vote or in writing within ninety (90) days after the destruction.

Condominium Bylaws Article V Section 2 is hereby amended to read as follows:

Section 2. Repair in Accordance with Master Deed, Etc. Any such reconstruction or repair shall be substantially in accordance with the Master Deed and the plans and specifications for the Condominium to a condition as comparable as possible to the condition existing prior to damage unless holders of at least 51% of the votes of units subject to mortgages held by such eligible holders are allocated is obtained plus 67% percent of the eligible Co-owners in number and in value shall consent to do otherwise.

Bromley condo 2nd Amended Bylaws 2009-10-27

ARTICLE IV INSURANCE

Section 1. Association Coverage The Association shall carry all risk insurance covering all commonly insured occurrences against all risks of direct physical loss; and against all occurrences commonly insured against for death, bodily injury, and property damage arising out of or in connection with the use, ownership or maintenance of the Common Elements Such insurance shall include, but riot be limited to, fire and extended coverage, vandalism malicious mischief, host liability, all inclusive liability insurance and worker's compensation

Insurance, where applicable and available

(a) Basic Policy Provisions Insurance policies carried by the Association shall, if available without extraordinary premium charges, provide that:

Each Unit Owner is an insured person under the policy with respect to liability arising out of his interest in the Common Elements or membership in the Association

(2) The insurer waives its right to subrogation under the policy against any Co-owner or member of such Co-owner's household

No act or omission by any Co-owner, unless acting within the scope of his authority on behalf of the Association, will void the policy or be a condition for recovery under the policy

(4) if, at the time of a loss under the policy, there is other insurance in the name of a Co-owner covering the same risk covered by the policy, the Association's policy provides primary insurance

(5) That insurance proceeds must be disbursed first for repairs or restoration of the damaged property, unless and subject to the following:

(A) The Condominium is terminated;

(B) Repair or replacement would be illegal under any state or local health or safety statute or ordinance; or

(C) More than eighty (80%) percent of the Co-owners of all of the Units in the Condominium vote not to rebuild The cost of repair or replacement in excess of insurance proceeds and reserves is a common expense. If the entire Condominium is not repaired or replaced, then: (i) the insurance proceeds attributable to the damaged Common Elements must be used to restore the damaged area to a condition compatible with the remainder of the Condominium; (ii) the insurance proceeds attributable to Units and Limited Common Elements which are not rebuilt must be distributed to the Co-owners of those Units and the Co-owners of the Units to which those Limited Common Elements were assigned, or to lien holders, as their interests may appear; and (iii) the remainder of the proceeds must be distributed to all of the Co-owners or lien holders, as their interests may appear, in proportion to the Common Element interest of all of the Units If the Co-owners vote not to rebuild any Unit, that Unit's allocated interests are automatically reallocated as if the Unit had been condemned under Article V, Section 5 of these Bylaws, and the Association shall promptly prepare, execute, and record an amendment to the Master Deed reflecting the reallocations .

(b) Insurance Replacement Values for Common Elements All General Common Elements of the Condominium shall be insured against all risks, in an amount equal to the current insurable replacement value, excluding foundation and excavation costs, as determined annually by the Board of Directors of the Association or by an insurance agent retained by the Board of Directors at each anniversary renewal date of said insurance The Board may engage professional appraisers for this purpose.

(c) Insurance for Standard Improvements Located Within Unit Interiors and Limited Common Elements The standard interior improvements in all Units (including the Limited Common Elements appurtenant to a Unit) shall be covered by all risk insurance procured and paid for by the Association as part of its policy of insuring the Common Elements in amounts equal to the insurable replacement value of all of the interior structural and attendant and related building materials required to establish a structure for the Unit at the points and surfaces where it begins, including, without limitation, the finished sub-floors; basement floors; basement walls; drywall; cabinets, finished carpentry; electrical and plumbing conduits, supplies and fixtures; tile; lighting fixtures; doors; door jams; glass door walls; hardware and all other materials as may be defined as standard by the Board of Directors of the Association from time to time in a published set of specifications (the "Standard Specifications"). Should the Board fail to publish such specifications, the Standard Specifications to be used for repair and replacement shall be determined by reference to the original installations, given the passage of time, as a standard.

(d) Premium Expenses All premiums of insurance purchased by the Association pursuant to these Bylaws shall be expenses of administration

(e) Receipt and Distribution of Proceeds of Insurance Policies Proceeds of all insurance policies owned by the Association shall be received by the Association, held in a separate account and distributed to the Association and the Co-owners and their mortgagees, as their interests may appear; provided, however, that whenever repair or reconstruction of damaged portions of the Condominium shall be required as provided in Article V of these Bylaws, the insurance proceeds received by the Association shall be first applied to such repair or reconstruction unless the other provisions of the Condominium Documents mandate otherwise.

Section 2 Authority of Association to Maintain Insurance and Settle Claims. Each Co. owner appoints the Association as his true and lawful attorney-in-fact to act in connection with all matters concerning the maintenance for all insurance for the Condominium Project, including the insurance to be carried by such Co-owner under this Article IV, Section 3 below, if the Co owner fails to meet his responsibilities there-under The Association as said attorney shall have full power and authority to purchase and maintain such insurance, to collect and remit premiums therefor, to collect proceeds and to distribute the same to the Association, the Co-owners and respective mortgagees, as their interests may appear (subject to limiting or defining provisions of the Condominium Documents), to execute releases of liability and to execute all documents and to do all things on behalf of the Association and any of its Co-owner members as shall be necessary to accomplish the foregoing.

Section 3. Insurance Responsibilities of Co-Owners Each Co-owner shall be obligated and responsible for:

(a) Obtaining all risk liability and property insurance (generally in the form of an HO (6) policy, or such other specifications as the Association may prescribe or as may be commonly extant from time to time, and herein sometimes referred to as "Co-owner's Insurance") with respect to the improvements, decorations and any other personal property in his Unit which have been added to the Standard Improvements defined (or to be defined) in Section 1(c) of this Article IV or any other property contained within his Unit which is not covered by the Association's policy This provision shall not preclude the Association from acquiring a blanket policy which covers the contents within a Unit under terms and conditions acceptable to the Association and the insurance carrier

(b) Providing insurance coverage for all risk liability for injury to property and persons occurring in the Unit to the limits prescribed from time to time by the Board of Directors of the Association, but in amounts not less than $100,000 00 for damage to property and $500,000 00 for injury to persons on a per event basis

All Co-owner property insurance shall be carried in an amount equal to the maximum insurable replacement value of said improvements A Co-owner's failure to fully insure his contents shall be a risk which he solely carries. Each Co-owner shall, on or before the annual anniversary dates of the issuance of his Co-owners' insurance, deliver certificates of such insurance to the Association The Co-owner's policy of insurance shall also name the Association as an insured under his liability coverage. If a Co-owner fails to obtain such insurance (which may be assumed to be the case if the Co-owner fails to timely provide evidence thereof to the Association), the Association may obtain such insurance on behalf of such Co-ownerand the premiums therefor (if not reimbursed by the Co-owner on demand) shall constitute a lien against the Co-owners's Unit which may be collected from the Co-owner in the same manner that Association assessments may be collected in accordance with Article II hereof The Association shall under no circumstance have any obligation to obtain any of the insurance coverage described in this Section 3 or incur any liability to any person for failure to do so. The Association may, on its own or through its paid agents, maintain a roster of Co owners's insurance setting forth such relevant data as it deems helpful and useful to monitor the implementation of this Section 3

The Co-owner's policy hereunder shall contain a thirty (30) day non-cancelable clause with mandatory thirty (30) day notice of cancellation to be mailed to the Association

Section 4. Waiver of Rights of Subrogation The Association and all Co-owners shall use their best efforts to cause all property and liability insurance carried by the Association or any Co owner to contain appropriate provisions whereby the insurer waives its right of subrogation as to any claims against any Co-owner or the Association

Section 5 Additional Insurance. The Association may, as an expense of administration, purchase an umbrella insurance policy which covers any risk required hereunder which was not covered due to lapse or failure to procure.

Section 6 Modifications to Insurance Requirements and Criteria. The Board of Directors of the Association may, with the consent of thirty-three and one third (33-1/3%) porcent of the Co-owners, revise the types, amounts, provisions, specifications and other provisions of this Article IV, except where prohibited by the Act.

Bromley Community Association Declaration 2002-10-29

3 The Association shall carry all risk insurance covering all commonly insured occurrences against all risks of direct physical loss; and against all occurrences commonly insured against for death, bodily injury, and property damage arising out of or in connection with the use, ownership or maintenance, repair or replacement of the common facilities described above. Such insurance may include, but is not limited to, fire and extended coverage, vandalism and malicious mischief, host liability, all inclusive liability insurance and worker's compensation insurance, where applicable and available

(a) Insurance policies carried by the Association shall, if available without extraordinary premium charges, provide that:

(1)

Each Owner and each Constituent Association is an insured person the policy with respect to liability arising out of his interest, if any, in the common facilities describe above or his membership in the Association

The insurer waives its right to subrogation under the policy against any Owner or any member of such Owner's household or any Constituent Association

No act or omission by any Owner or any Constituent Association or officer or director thereof, unless acting within the scope of his authority on behalf of the Association, will void the policy or be a condition for recovery under the policy

If, at the time of a loss under the policy, there is other insurance in the name of an Owner or Constituent Association covering the same risk covered by the policy, the Association's policy provides primary insurance

bromley park bylaws 2009-10-27

While a separate document, the content is apparently a duplicate of the 2nd amended bylaws noted above.

ARTICLE IV INSURANCE

Section 1. Association Coverage The Association shall carry all risk insurance covering all commonly insured occurrences against all risks of direct physical loss; and against all occurrences commonly insured against for death, bodily injury, and property damage arising out of or in connection with the use, ownership or maintenance of the Common Elements Such insurance shall include, but riot be limited to, fire and extended coverage, vandalism malicious nischief, host liability, all inclusive liability insurance and worker's compensation

Insurance, where applicable and available

(a) Basic Policy Provisions Insurance policies carried by the Association shall, if available without extraordinary premium charges, provide that:

Each Unit Owner is an insured person under the policy with respect to liability arising out of his interest in the Common Elements or membership in the Association

(2)

The insurer waives its right to subrogation under the policy against any Co-owner or member of such Co-owner's household

No act or omission by any Co-owner, unless acting within the scope of his authority on behalf of the Association, will void the policy or be a condition for recovery under the policy

(4)

if, at the time of a loss under the policy, there is other insurance in the name of a Co-owner covering the same risk covered by the policy, the Association's policy provides primary insurance

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(5)

That insurance proceeds must be disbursed first for repairs or restoration of the damaged property, unless and subject to the following:

(A)

The Condominium is terminated;

(B) Repair or replacement would be illegal under any state or local health or safety statute or ordinance; or

(C) More than eighty (80%) percent of the Co-owners of all of the Units in the Condominium vote not to rebuild The cost of repair or jeplacement in excess of insurance proceeds and reserves is a common expense. If the entire Condominium is not repaired or replaced, then: (i) the insurance proceeds attributable to the damaged Common Elements must be used to restore the damaged area to a condition compatible with the remainder of the Condominium; (ii) the insurance proceeds attributable to Units and Limited Common Elements which are not rebuilt must be distributed to the Co-owners of those Units and the Co-owners of the Units to which those Limited Common Elements were assigned, or to lien holders, as their interests may appear; and (iii) the remainder of the proceeds must be distributed to all of the Co-owners or lien holders, as their interests may appear, in proportion to the Common Element interest of all of the Units If the Co-owners vote not to rebuild any Unit, that Unit's allocated interests are automatically reallocated as if the Unit had been condemned under Article V, Section 5 of these Bylaws, and the Association shall promptly prepare, execute, and record an amendment to the Master Deed reflecting the reallocations

ITT HIT...

(c) Insurance for Standard Improvements Located Within Unit Interiors and Limited Common Elements The standard interior improvements in all Units (including the Limited Common Elements appurtenantto a Unit) shall be covered by all risk insurance procured and paid for by the Association as part of its policy of insuring the Common Elements in amounts equal to the insurable replacement value of all of the interior structural and attendant and related building materials required to establish a structure for the Unit at the points and surfaces where it begins, including, without limitation, the finished subfloors; basement floors; basement walls; drywall; cabinets, finished carpentry; electrical and plumbing conduits, supplies and fixtures; tile; lighting fixtures; doors; door jams; glass doorwalls; hardware and all other materials as may be defined as standard by the Board of Directors of the Association from time to time in a published set of specifications (the "Standard Specifications"). Should the Board fail to publish such specifications, the Standard Specifications to be used for repair and replacement shall be determined by reference to the original installations, given the passage of time, as a standard.

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(d) Premium Expenses All premiums of insurance purchased by the Association pursuant to these Bylaws shall be expenses of administration

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Section 2 Authority of Association to Maintain Insurance and Settle Claims. Each Co. owner appoints the Association as his true and lawful attorney-in-fact to act in connection with all matters concerning the maintenance for all insurance for the Condominium Project, including the insurance to be carried by such Co-owner under this Article IV, Section 3 below, if the Co owner fails to meet his responsibilities thereunder The Association as said attorney shall have full power and authority to purchase and maintain such insurance, to collect and remit premiums therefor, to collect proceeds and to distribute the same to the Association, the Co-owners and respective mortgagees, as their interests may appear (subject to limiting or defining provisions of the Condominium Documents), to execute releases of liability and to execute all documents and to do all things on behalf of the Association and any of its Co-owner members as shall be necessary to accomplish the foregoing.

Section 3. Insurance Responsibilities of Co-Owners Each Co-owner shall be obligated and responsible for:

(a) Obtaining all risk liability and property insurance (generally in the form of an ko(6) policy, or such other specifications as the Association may prescribe or as may be commonly extant from time to time, and herein sometimes referred to as "Co-owner's Insurance") with respect to the improvements, decorations and any other personal property in his Unit which have been added to the Standard Improvements defined (or to be defined) in Section 1(c) of this Article IV or any other property contained within his Unit which is not covered by the Association's policy This provision shall not preclude the Association from acquiring a blanket policy which covers the contents within a Unit under terms and conditions acceptable to the Association and the insurance carrier

All Co-owner property insurance shall be carried in an amount equal to the maximum insurable replacement value of said improvements A Co-owner's failure to fully insure his

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contents shall be a risk which he solely carries. Each Co-owner shall, on or before the annual anniversary dates of the issuance of his Co-owners' insurance, deliver certificates of such insurance to the Association The Co-owner's policy of insurance shall also name the Association as an insured under his liability coverage. If a Co-owner fails to obtain such insurance (which may be assumed to be the case if the Co-owner fails to timely provide evidence thereof to the Association), the Association may obtain such insurance on behalf of such Co-ownerand the premiums therefor (if not reimbursed by the Co-owner on demand) shall constitute a lien against the Co-owners's Unit which may be collected from the Co-owner in the same manner that Association assessments may be collected in accordance with Article II hereof The Association shall under no circumstance have any obligation to obtain any of the insurance coverage described in this Section 3 or incur any liability to any person for failure to do so. The Association may, on its own or through its paid agents, maintain a roster of Co owners's insurance setting forth such relevant data as it deems helpful and usefuito monitor the implementation of this Section 3

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The Co-owner's policy hereunder shall contain a thirty (30) day non-cancelable clause with mandatory thirty (30) day notice of cancellation to be mailed to the Association

Section 4. Waiver of Rights of Subrogation The Association and all Co-owners shall use their best efforts to cause all property and liability insurance carried by the Association or any Co owner to contain appropriate provisions whereby the insurer waives its right of subrogation as to any claims against any Co-owner or the Association

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