The improvements betterments and personal property

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appear. The improvements, betterments and personal property made or acquired by the individual Unit Owners shall be excluded fi'om this required coverage, and each Unit Owner shall have the right to obtain additional coverage for such improvements, betterments, or personal propeliy at his or her own expense. The "stmcture," as insured by the 'uaster policy, shall be the buildings and units therein as depicted on the plats and plans filed and recorded in accordance with the Act. Each ofthe policies of insurance obtained by the Council shall contain the following provisions, if available: (i) that such policies shall not be prejudiced by any act or neglect of any occupants 22
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or Unit Owners of the Condominium when such act or neglect is not within the control of the insured, or Unit Owners collectively; and (ii) that such policies shall not be prejudiced by failure of the insured, or Unit Owners collectively, to comply with any warranty or condition with regard to any pOliion of the Condominium over which the insured, or Unit Owners collectively, have no control. (a) The Board of Directors shall utilize every reasonable effOli to secure a master policy covering physical damage that will provide the following: (1) That the insurer waives its rights of subrogation of any claims against the Council, the Board of Directors, its directors, officers, the managing agent, employees, the individual Unit Owners and their respective household members, employees, agents and invitees. Independent contractors shall not be considered agents, employees or selvants of the Board of Directors or of the respective Condominium Unit Owners within the meaning of said waiver. The policy shall also waive any defenses based on co-insurance or invalidity arising from the acts of the insured. (2) That the master policy on the Condominium call1lot be canceled, invalidated, or suspended on account of the conduct of any director, officer, or employee of the Council or the managing agent without a prior demand in writing delivered to the Council to cure the defect and the allowance of a reasonable time thereafter within which the defect may be cured. (3) That any "no other insurance" clause contained in the master policy shall expressly exclude individual Unit Owners' policies fl'Om its operation. (4) That the master policy may not be canceled or substantially modified without at least thiliy (30) days prior notice in writing to the Board of Directors. (5) An agreed value or amount endorsement and waiver of co-insurance. (6) That, notwithstanding any provisions thereof which give the caITier the light to elect to restore damage in lieu of making a cash settlement, such option shall not be exercisable when in conflict with the provisions of these Bylaws. (b) All policies of insurance shall be written with a company licensed to do business in the State of Maryland and holding a rating of A or better in the Financial CategOlY as established by A.M. Best Company, Inc., or the highest rating under the evaluation system A.M.
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