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200010301 omissions insurance providing coverage of liability of the members of the Executive Board, their agents or employees. An insurance policy issued to the Association does not prevent a Unit Owner from obtaining insurance for his /her own benefit. 9.4 Property Insurance. The "Property Insurance" coverage shall insure the Condominium including the Units (including Unit's improvements, fixtures and that personal property initially conveyed with the Unit and any replacements thereof), Common Elements and Association's Personal Property, if any, (individually and collectively "Insured Property ") against all risks of direct physical loss commonly insured against, including, without limitation, fire and extended coverage perils. The total amount of insurance after application of any deductibles shall be not less than eighty percent (80 %) of the actual replacement value of the Insured Property at the time the insurance is purchased and at each renewal date, exclusive of land, excavations, foundations, and other items normally excluded from property policies. Alternatively, the Board may elect to not obtain Property Insurance for the Condominium including the Units, and each Owner shall be responsible for maintaining adequate property and casualty insurance on the improvements located in their respective units. 9.5 Liability Insurance. The "Liability Insurance ", including medical payments insurance, shall be in an amount and coverage determined by the Board but not less than any amount specified in the Declaration, 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 Condominium, including the Units and Common Elements. Liability Insurance shall also include hired and non -owned Association vehicle coverage. 9.6 Assessments for Premiums. Premiums (payments) for Insurance Coverage acquired for the protection of the Association, the Condominium and the Owners shall be paid by the Association and the expense included in the monthly assessment made against the Owners' Unit. (a) The expense for Property Insurance shall be allocated by the Board to the Unit Owners in proportion to the ratio of the replacement value of the Owner's Insured Property to the total replacement value of all Owners' Insured Property as a whole as set forth in the most recently Board - approved schedule of insurable values of the Insured Property. Each year as part of the annual review of Insurance Coverage, the Board shall establish the schedule of replacement insurable value of the Insured Property to reflect the current estimated replacement costs, based on a current appraisal or advice by the Insurer. Provided, no assessments shall be made for Property Insurance if each Owner insures his own Unit.