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Area. The amount of coverage, if any, shall be determined by the <br />Board. This insurance shall be maintained for the benefit of the <br />Association, the Owners, and their Mortgagees, as their <br />interests may appear as named insured, subject, however, to any <br />loss payment requirements set forth in this Declaration. <br />General Liability and Individual Liability Insurance <br />Section 6.02. The Association may, in its discretion, obtain and <br />maintain a policy of insurance that shall include coverage for <br />general liability of the Association. The Association may, in <br />its discretion, maintain a policy of insurance for the <br />individual liability of Officers and Directors of the <br />Association for negligent acts or omissions in that capacity. <br />The limitations and coverage of such insurance shall be reviewed <br />at least annually by the Board and may be increased or decreased <br />in its discretion. <br />Individual Insurance <br />Section 6.03. Each Owner shall provide fire and casualty <br />insurance for the improvements in his or her Lot (including <br />Project Easements located within the Lot). An Owner may <br />separately insure his or her personal property, and may obtain <br />and maintain personal liability and property damage liability <br />insurance for his or her Lot, provided that the insurance <br />contains a waiver of subrogation rights by the carrier as to the <br />other Owners, the Association, Declarant, and the First <br />Mortgagee of the Owner's Lot. <br />Insurance Premiums <br />Section 6.04. Insurance premiums for any insurance coverage <br />obtained by the Association shall be included in the regular <br />assessments. That portion of the regular assessments necessary <br />for the required insurance premiums shall be used solely for the <br />payment of the premiums when due. Nothing herein shall prevent <br />the Association from delegating its insurance obligations under <br />this Declaration to the individual Lot Owners to the extent that <br />equivalent insurance coverage can be provided by the Owners in a <br />more expedient manner. <br />ARTICLE VII. DAMAGE, DESTRUCTION OR CONDEMNATION <br />Duty to Restore and Replace Project Easement Improvements <br />Section 7.01. If any of the improvements in the Project Easement <br />Area are destroyed or damaged, the Association shall restore and <br />replace the improvements, using the proceeds of insurance, if <br />any, maintained pursuant to this Declaration provided, however, <br />the Association may determine by a vote of seventy-five percent <br />(750) of its membership not to restore or rebuild said <br />14 <br />