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2. Policies to be Carried by Association. In the event the Association fails to maintain and _ <br /> keep in force the insurance coverages mandated by Section 1 (a) of this Article VIII,then <br /> any first mortgagee may institute and keep in force such coverages. In addition, it shall ' <br /> maintain and keep in place such Workers'Compensation insurance as required by law. <br /> 3. Insurance Premiums Assessed as Common Expenses. All insurance premiums of the <br /> Association shall be assessed and paid as a common expense, and in the event of a claim, <br /> the Association may charge any insurance deductible amounts back against the unit <br /> owners who caused the claim to be made or with respect to whose units the claim arose. <br /> 4. Insured to be Association or Insurance Trustee.All insurance coverage maintained by <br /> the Association shall be written in the name of, and the proceeds thereof shall be payable <br /> to the Association or a yualified insurance trustee selected by it as trustee for the unit <br /> owners and any other holder of a security interest in the units, including first mortgagees, <br /> which suffer loss. The Association, or any insurance trustee selected by it as trustee for <br /> the unit owners and any other holder of a security interest in the units, including first <br /> mortgagees, which suffer loss. The Association, or any insurance trustee selected by it, <br /> shall have exclusive authority to negotiate and settle any claims or losses under any <br /> insurance policy maintained by the Association. <br /> 5. Waiver of Subrogation.All policies of insurance shall contain waivers of subrogation <br /> by the insurer as to any claims against the Association,or a unit owner or occupant, <br /> and/or their respective agents, tenants or employees, and waivers of any defense based on <br /> co-insurance or invalidity from any acts of the insured. <br /> 6. Requirements for Policies of Insurance.All policies of property insurance maintained <br /> by the Association shall, among other things,provide that: <br /> a. Despite any provisions giving the insurer the right to elect to restore damage in <br /> lieu of a cash settlement, such option shall not be exercisable(i)without the prior <br /> written approval of the Association(or any insurance trustee) or(ii}when in <br /> conflict with the provisions of any insurance trust agreement to which the <br /> Association may be a party, or any requirement of law; <br /> b. Such insurance may not be brought into contribution with any insurance <br /> purchased by unit owners or their first mortgagees; and <br /> c. The coverage shall not be prejudiced by(i) any act or neglect of the unit owners <br /> when such act or neglect is not within the control of the Association or(ii) any <br /> failure of the Association to comply with any warranty or condition regarding any <br /> portion of the Condominium over which the Association has no control. <br /> 7. Individual Insurance Policy for Unit Owner. Each unit owner may obtain additional <br /> insurance at his own expense covering fire and other casualty to his unit;his personal <br /> property and his personal liability,but all such insurance shall be subject to the <br />