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Office Units, Parking Units and common elements, and such other fire and casualty insurance as the Board of Directors shall determine, to give substantially equal or greater protection to the unit owners, as their respective interests appear, of each unit, if any. For the purposes of any policy or policies of fire insurance, the coverag "''" hall include fixtures, installations or additions comprising a part of the bui mg wit in the unfinished interior surfaces of the perimeter walls, floors and ceilings of the individual Condominium Units initially installed or replacement thereof, in accordance with the original Condominium plans and specifications, or installed by or at the expense of any unit owner or owners; (b) Each unit owner shall either self insure for any liability arising from incidents within its unit or on the common elements or shall carry such liability insurance as it sees fit. No unit owner shall look to the Association or another unit owner to carry liability insurance or claim that such coverage should have been procured. (c) Worker's compensation insurance to the extent necessary to comply with any applicable laws; and (d) Any fidelity bonds which the Board of Directors may deem necessary or prudent. The Association shall not be responsible for any loss or damage to personal property of any urit owner, whether stored on the common elements or in the owner's unit, nor shall the Association maintain any insurance coverage for such loss. 2. AUTHORITY TO ADJUST LOSSES. All losses under policies hereafter in force regazding the property shall be settled exclusively with the Board of Directors o: its authorized representative. Releases and proofs of loss shall be executed by at least two directors. 3. VALLTE OF OWNER IMPROVEMENTS. Each unit owner must inform the Board of Directors of the value of improvements made to its office unit in excess of Ten Thousand Dollars ($10,000) so that the Board of Directors may make any desired adjustments in insurance coverage. Nothing in this paragraph shall permit a unit owner to make improvements without first obtaining the approval of the Board of Directors pursuant to Article VII. 4. REVIEW OF INSURANCE POLICIES. At least annually, the Boazd of Directors shall review all insurance carried by the Association of Unit Owners, which review shall include an appraisal of all improvements made to the project by a representative of the insurance carrier writing the master policy. ARTICLE IX DAMAGE AND DESTRUCTION l. INSURANCE PROCEEDS SUFFICIENT TO COVER LOSS. In case of fire, casualty or any other damage and destruction, the insurance proceeds of the master policy, if sufficient to reconstruct the buildings damaged or destroyed, shall be applied to such reconstruction. 2. INSURANCE PROCEEDS INSUFFICIENT TO COVER LOSS. If the insurance proceeds are insufficient to reconstruct the damaged or destroyed buildings, the damage to, or destruction of, such buildings shall be promptly repaired and restored by the manager or the Boazd of Directors, using the proceeds of insurance, if any, on such buildings for that purpose, and all the unit owners shall be liable for assessment for any deficiency for such reconstruction, such de~ciency to take into consideration as the unit owner's contribution any individual policy insurance proceeds provided by such owner. Provided, however, if three-fourths or more in value of the office building is destroyed or substantially damaged and if the unit owners of at least eighty percent (80%) of the usable square footage (by BOMA measurement) of office units in the Condominium so vote, the manager or Board of Directo*s shall record with the County Recorder a notice setting forth such facts, and upon the recording of such notice: (a) The Condominium property shall be deemed to be owned in common by the unit owners; Bylaws Courthouse Squaze Condominium Page - 11 1025981040