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Section 1. Section 2. Section 3. ARTICLE XV INSURANCE, CASUAL TV AND EMINENT DOMAIN Association Policies. Sect. 515B.3-113 of the Act requires the Association to maintain casualty insurance coverage on the common elements in Units. The same section also requires general liability coverage authorized to the Association to carry any other insurance it considered appropriate, specifies minimum notice from any insurer prior to cancellation, specifies other provisions for such insurance, requires the Association or an insurance trustee to adjust all losses and describes the Association's duties with respect to repair or rebuilding after casualty to common elements or Units. The provisions of the Act described in this paragraph may not be varied or waived, but are hereby supplemented as follows: a. The Association shall carry workers compensation insurance when ever it has eligible employees. b. The Association may carry fidelity insurance and shall due so whenever required by a holder, insurer or guarantor of the Mortgage. c. The Association may enter into binding agreements with one or more holders, insurers or guarantors of Mortgages obligating the Association to keep specified coverage in effect for specified periods and to notify a holder, insurer or guarantor of any changes to coverage. Owner's Individual Policies. Each owner should carry insurance for his or her own benefit insuring personal liability and carpeting, wall covering, fixtures, furniture, furnishings, and other personal property. and fixtures and other real estate supplied installed by this owner or previous owner or tenant, except to the extent that the Association, in its discretion, provides blanket coverage for some or all of such items, provided that all such Policies contain waivers of subrogation and further provided that the liability of the carriers issuing the insurance obtained by the Association shall not be effected or diminished by reason of any such addition insurance carried by any owner. Betterments. In all events, betterments or improvements made subsequent to the original construction by any owner to the owner's Unit shall be the responsibility of the owner to insure separately (or by right to a blanket policy at the consent of the Association) if the owner desires the same insured. If the trustee or Mortgagee undertakes the reconstruction or remodeling of the Unit as above provided, the same to restore to substantially the same condition as the Unit was as of the completion of original construction. 8