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201202424 include the floor coverings, wall coverings, bathroom and kitchen fixtures, lighting fixtures, cabinetry, the entire finish of basements, all air-conditioning and heating equipment and other service machinery, and appliances initially i.nstalled in the units by the declarants. The policy shall cover the interests of the Association and all unit owners and their mortgagees, as their interests may appear, subject to loss payment and adjustment provisions in favor of the Executive Board as Insurance Trustee. Coverage shall be in an amount equal to one hundred percent (100%) of the then current replacement cost of the properiy, without deduction for depreciation, the amount to be re-determined annually by the Executive Board with the assistance of the insurance company affording coverage. (b) � Liability Insurance. The Executive Board shall maintain liability insurance, including medical payments insurance, in an amount determined by the Executive Board, but not less than One Million Dollars ($1,000,000.00), covering all occurrences commonly insured against for death, bodily injury, and property damage arising out of or in connection with the use, ownerslup or maintenance of the common elements. The Executive Board may deternune that additional coverage may be necessary and may obtain such additional coverage if it is deemed necessary. If the aforementioned insurance is not reasonably available, the Association shall cause notice of that fact to be hand delivered or sent prepaid by United States mail to all unit owners. Section 2. Provisions. Insurance policies must provide that: (a) Each unit owner is an insured person under the policy with respect to liability arising out of his or her interest in the common elements or membership in the Association; (b) The insurer waives its right to subrogation under the policy against any unit owner or member of his or her household, the Association, and the Executive Board; (c) No act or omission by any unit owner, unless acting within the scope of his or her authority on behalf of the Association, will void the policy or be a condition to recovery under the policy; and (d) If, at the time of a loss under the policy there is other insurance in the name of a unit owner covering the same risk covered by the policy, the Association's policy provides primary insurance. Section 3. Insurance bv Unit Owners. Unit owners shall not be prohibited from carrying other insurance for his or her own benefit. Insurance coverage on fumishings and other items of personal property belonging to an owner and public liability coverage within each unit shall be the sole and direct responsibility of the unit owners thereof, and the Executive Board and the Association shall have no responsibility thereto. In the event that the unit owner deems the coverage carried by the Association insufficient for their respective unit, they may obtain the additional coverage amount and be billed accordingly, separately from the Association. It is the responsibility of each unit owner to verify that the coverage involving their unit is adequate as the individual unit owners deems. Section 4. Notice. An insurer that has issued the insurance policy pursuant to Section 1 shall issue certificates of insurance to the Association and, upon written request, to any unit owner, mortgagee or beneficiary under a deed of trust. The insurer issuing the policy shall not cancel or refuse to renew it until sixty (60) days after notice of the proposed cancellation or non-renewal has been mailed to the Association, each unit owner and each mortgagee or beneficiary under a deed of trust to whom a certificate of insurance has been issued at their respective last-known addresses. All of the remaining provisions of said By-Laws and any amendments previously approved, not contrary to the aforementioned Amendment, shall remain in full force and effect. 2