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23 <br /> <br /> <br /> <br />independent contractor who performs any service for the Association, if the receipt of such a certificate is <br />practicable; <br /> <br />(4) officers and directors liability insurance in the minimum amounts required <br />by Civil Code Section 5800; and, <br /> <br />(5) such other insurance as the Association in its discretion considers <br />necessary or advisable. <br /> <br />B. Waiver of Subrogation. Any insurance maintained by the Association shall <br />contain "waiver of subrogation" as to the Association and its officers and Members, the Owners and <br />Occupants of the Condominiums (including Declarant) and mortgagees, and, if obtainable, a cross-liability <br />or severability of interest endorsement insuring each insured against liability to each other insured. <br /> <br />All individually owned insurance shall contain a waiver of subrogation as to the Association and its <br />Members, the Owners and Occupants of the Condominiums (including Declarant) and Mortgagees. <br /> <br />C. Review of Policies. The Association shall periodically (and not less than <br />annually) review all insurance policies maintained by the Association to determine the adequacy of the <br />coverage and to adjust the policies accordingly. <br /> <br />D. Separate Owner's Insurance: Each Owner shall insure the improvements or <br />installations within the Owner's Unit. The insurance coverage carried by the Owner shall be for 100% of <br />the current replacement cost of all improvements in the Owner's Unit. All Owners shall deliver a copy of <br />the Owner's insurance policy to the Board, if requested to do so. The Association may establish Rules <br />as to the reasonable limits of insurance to be carried by Unit Owners and other Occupants after <br />consultation with an insurance consultant. All such insurance that is individually carried by a Unit Owner <br />shall contain a waiver of subrogation by the carrier as to the other Owners, the Association, Declarant, <br />and the mortgagees of such Unit. <br /> <br />E. Obligations of Officers and Directors: The Association, and its directors and <br />officers, shall have no liability to any Owner or mortgagee if, after a good faith effort, it is unable to <br />obtain the insurance required hereunder, because the insurance is no longer available or, if available, can <br />be obtained only at a cost that the Association in its sole discretion determines is unreasonable under <br />the circumstances, or the Members fail to approve any Assessment increase needed to fund the insurance <br />premiums. In such event, the Association immediately shall notify each Member and any mortgagee <br />entitled to notice that the insurance will not be obtained or renewed. <br /> <br />F. Policies and Procedures Regarding the Filing and Processing of Claims: The <br />Board shall adopt a policies and procedures regarding the filing and processing of claims for damage and <br />destruction of Common Area improvements or any other matters covered by insurance maintained by the <br />Association. <br /> <br />G. Copies of Policies; Notice to Members. The Association shall make available to <br />all Members a copy of the Association's policy to enable Members to insure their Units without <br />duplicating insurance carried by the Association and inadvertently triggering a co-insurance clause in the <br />Association's policy referred to in Section 8.1.A(1). The Association shall distribute annually to the Members <br />a summary of the Association's insurance policies as required by California Civil Code section 5300(b)(9) <br />and as provided in the Bylaws. The Association, as soon as reasonably practical, shall notify its Members <br />if any of the policies have been cancelled and not immediately renewed or restored or if there is a <br />significant change such as a reduction in coverage or limits or an increase in the deductible for any policy. <br />If the Association receives any notice of non-renewal of a policy, the Association immediately shall notify <br />its Members if replacement coverage will not be in effect by the date the existing coverage will lapse.· <br /> <br />To the extent that the information required to be disclosed, as described in California Civil Code <br />110