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including specifically, but not limited to, ordinances relating to shore land management, tree preservation, wetland preservation, erosion and sediment control, water quality, flood plain, storm water management, and building codes, as the same may be amended from time to time, which are hereby incorporated by reference. Additions to structures and facilities shall meet all required principal structure setbacks or setback requirements. SECTION 10 INSURANCE AND RECONSTRUCTION . The Master Association shall obtain and maintain the following insurance relating to the Property: 10.1 General Liability Insurance. Public liability insurance covering the activities of the Master Association and its Officers, Directors, volunteers or employees in connections with its maintenance obligations. Such public liability policy shall provide such coverage, limits and deductibles as the Master Board deems reasonable. 10.2 Other Insurance. Such other types and amounts of insurance as may be determined by the Master•Board to be necessary or desirable, including without limitation, Officers and Directors liability and insurance or fidelity bonds covering dishonest acts by those Persons having control or custody of the Master Association's funds. 10.3 Master Association as Trustee! Premiums. All insurance coverage maintained by the Master Board shall be written in the name of, and the proceeds thereof shall be payable to, the Master Association (or a.qualified insurance trustee selected by it) as trustee for the benefit of the Owners or Neighborhood Associations, as applicable. The premiums for the insurance shall be a Common Expense. The Master Board shall exclusive authority to negotiate, settle and adjust claims under all policies obtained by the Master Association. 10.4 Policy Reauirements. Insofar as permitted by law, the Master Association shall be required to make every effort to secure insurance policies with the following provisions and endorsements: 10.4.1 All policies shall be written with a company licensed to do business in the State of Minnesota and holding a rating of A-X 1 or better in such financial categories as established- by Best's Insurance Reports, if such a company is available, or if not available, its equivalent rating or the best rating possible. 10.4.2 All policies shall contain a waiver by the insurer of its right to cancel without first giving thirty (30) days prior written notice of such cancellation to the Master Association. 24 121110757v8 820716 8115/05