Insurance
Decoverly IV Bylaws Require Each Unit Owner to Have an HO 6 Insurance Policy
Article XII, Section 3. Individual Policies. The owner of any condominium unit (including the holder of any mortgage thereon) shall obtain additional insurance (including a “Condominium Unit-Owner’s Endorsement” for improvements and betterments to the condominium unit made or acquired at the expense of the owner) at his own expense.
The policy shall include building and liability coverage sufficient to cover the cost of any damage assigned to the unit in accordance with Maryland statutes.
This insurance coverage shall be under an HO 6 policy, and shall provide for notice to the Decoverly IV Condominium, Inc. should any change or cancellation be made to said policy.
Each unit owner shall provide a certificate of proof of insurance to the Decoverly IV Condominium, Inc. Such insurance shall be written by the same carrier as that purchased by the Board of Directors pursuant to this Article or shall provide that it shall be without contribution as against the same. Such insurance shall contain the same waiver of subrogation provision as that set forth in Section 2 (g) of this Article.
The owner of any condominium unit shall notify the Board of Directors in writing of any and all improvements and betterments made to the condominium unit at the expense of such owner, the value of which is in excess of Two Thousand and No/100 Dollars ($2,000.00).