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6. 1. B. - Page 89 ARTICLE VIII. INSURANCE; DAMAGE OR DESTRUCTION; CONDEMNATION 8.1 Insurance: The Association shall obtain and maintain the following insurance: A. Association Insurance: (1) A master policy of property damage [casualty] insurance insuring all improvements, equipment and fixtures in the Project (including the Units as originally constructed), including all built -in or set -in appliances, cabinets and floor coverings, in the amount designated by Declarant as the original replacement cost thereof based on the standard package of appliances, cabinets and floor coverings offered to all Owners before the Close of Escrow) with policy limits of 100% of the full replacement value of the covered improvements, excluding foundations, excavations and footings and other items usually excluded from such insurance or endorsements in form and content acceptable by FNMA, FHLMC or FHA and meeting such other requirements as set forth in subparagraph 8.1.13, below. The following endorsements should be included in any such master policy of property damage [casualty) insurance policy, if commercially reasonable to obtain: (a) changes in building codes ( "ordinance or law endorsement"); (b) inflation guard coverage; (c) demolition coverage; (d) "agreed- amount" endorsement (to eliminate a coinsurance problem); (e) replacement cost endorsement; and, (f) primary coverage endorsement. (2) an occurrence version comprehensive general liability policy insuring the Association, its agents, the Owners and their respective family members, against liability incident to the ownership or use of the Common Area or any other Association owned or maintained real or personal property. The amount of general liability insurance that the Association shall carry at all times shall be not less than the minimum amounts required by California Civil Code §1365.7 and § 1365.9; (3) workers' compensation insurance (statutory limits) to the extent required by law (or such greater amount as the Board deems necessary). All independent contractors who contract with the Association shall be required to cant' appropriate general liability insurance, automobile liability insurance coverage and workers' compensation coverage, and shall indemnify the Association with respect to any claims from such independent contractor, or independent contractor's employees, with regards to claims for liability and workers' compensation claims from any independent contractor who performs any service for the Association. independent contractors shall be required to carry a minimum of $1,000,000 per occurrence, $2,000,000 general aggregate and $2,000,000 products - completed operations aggregate under the general liability requirement naming the Association as an additional insured for their work. Independent contractors shall also carry a minimum of $1,000,000 combined single limit forauto liability covering all owned, hired and non -owned automobiles; 45 03/06/12 T:IWPWIN601PROJECTS1333 MAIN STREETOEC - DRAFTING FORM[7][03 06 12].doc