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20050670'7 15.0.2 Liability insurance in an amount determined by the Executive Board, but not less than $1,000,000 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. Insurance policies carried pursuant to this Section shall provide the following: (a) Each unit owner is an insured person under the policy with respect to liability arising out of his interest in the common elements or membership in the Association. (b) The insurer waives its right to segregation under the policy against any unit owner or members of his household. (c) No act or omission by any unit owner, unless acting within the scope of his authority on behalf of the Association, will void the policy or be a condition to recovery under the policy. (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 property by the policy, the Association's policy provides primary insurance. 15.1 Coverage of Insurance. To the extent of available, the insurance maintained under Section 15.0.1 of this Section, if determined by the Executive Board, may include the units or any portions of those units, but need not include improvements and betterments installed by unit owners or the personal property of unit owners. 15.2 Nonavailability of Insurance and Additional Insurance. If the insurance described in Section 15.0 of this Section is not reasonably available, the Association promptly shall cause notice of that fact to be hand - delivered or sent prepaid by United States Mail to all unit owners. The Association may carry any other insurance it deems appropriate to protect the Association or the unit owners. 15.3 Payment _of Insurance Proceeds. Any loss covered by the property policy under Section 15.0.1 and 15.1 of this Article shall be adjusted with the Association, but the insurance proceeds for that loss are payable to any insurance trustee designated for that purpose, or otherwise, to the Association, and not to any mortgagee or beneficiary under a deed of trust. The insurance trustee or the Association shall hold any insurance proceeds in trust for unit owners and lien holders as their interest may appear. Subject to the provisions of Section 15.6 of this Article, the proceeds shall be disbursed First for the repair or restoration of the damaged property, and unit owners and lien holders are not entitled to receive payment of any portion of the proceeds unless there is a surplus of proceeds after the property has been completely repaired or restored, or the condominium is terminated. -19-