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Section 9. Nonwaiver. The omission or failure to timely fix any assessments or deliver or mail a statement for any period shall not be deemed a waiver, modification or a release of the owners from their obligation to pay the same. Section 1. Coverage. The Executive Board shall obtain and maintain, to the extent obtainable: (a) Fire and extended coverage. The Executive Board shall maintain a blanket, "all- risk" form policy of fire insurance with extended coverage, vandalism, malicious mischief, windstorm, sprinkler leakage (if available), debris removal, cost of demolition and water damage endorsements, insuring the property. Coverage shall 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 installed 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 property, 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, ownership or maintenance of the common elements. The Executive Board may determine 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 ofthat fact to be hand delivered or sent prepaid by United States mail to all unit owners. Section 2. Provisions. Insurance policies must provide that ARTICLE VI. INSURANCE 201309492 (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 by Unit Owners. Unit owners shall not be prohibited from carrying other insurance for his or her own benefit. Insurance coverage on furnishings and other items of personal property belonging to an owner and public 10