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<br />all personal property inclu~ed in or located upon the Common <br />Elements and belonging to the Association) and all units, <br />exclusiv~ of land, excavatlons, foundations and other items <br />normally excluded from property pOlicies, shall he insured, after <br />application of any deductions, in an amount not less than eighty <br />percent (80%) of their full insurable ~eplacement cost, as <br />determined annually by the Board. Such insurance coverage shall <br />afford protection against all risks of ~irect physical l08e~ and <br />such other risks or per~ls as from time to time the Board deems <br />advisable to have covered. <br />(c) ~equired Provisions. The policy of insurance <br />described in t~is Section 7.1 shall contain such terms and <br />conditions as the Board from time to time shall determine, but at <br />a minimum shall provide that: <br />(i) No act or omission of any person insured <br />thereunder, including, wlthout limitation, any Unlt Owner, <br />Occupant or Security Holder, or the Assoclation, the Board, the <br />manager~ if any, the Declarant, or any of their res~ective <br />officers, directors, agents and employees, unless acting within the <br />scope of his authority on behalf of the Association. shall void <br />the policy or invalidate any coverage thereunder or be a condition <br />to recovery thereunder. <br />(ii) Notw~thstanding any provision thereof that <br />gives the insurer an election to restore damage in lieu of making <br />a cash settlement, such cption shall not be cxerci6able if such <br /> <br />-22- <br />