Section 9.08. Annual Insurance Review. The Board shall review the insurance carried by or on behalf of the Association at least annually, for the purpose of determining the amount of the casualty and fire insurance referred to in Section 9.01 above. The Board shall obtain a current appraisal of the full replacement value of the Improvements on the Property except for foundations and footings without deduction for depreciation, from a qualified independent insurance appraiser, prior to each such annual review.

Section 9.09. Required Waiver. All policies of physical damage insurance shall provide, if reasonably possible, for waiver of the following rights, to the extent that the respective insurers would have the rights without such waivers:

1. subrogation of claims against the tenants of the Unit Owners;
2. any defense based upon co-insurance;
3. any right of set-off, counterclaim, apportionment, proration or contribution by reason of other insurance not carried by the Association;
4. any invalidity, other adverse effect or defense on account of any breach of warranty or condition caused by the Association, any Unit Owner or any tenant of any Unit Owner, or arising from any act, neglect, or omission of any named insured or the respective agents, contractors and employees of any insured;
5. any right of the insurer to repair, rebuild or replace, and, in the event the building is not repaired, rebuilt or replaced following loss, any right to pay under the insurance an amount less than the replacement value of the Improvements insured;
6. notice of the assignment of any Unit Owner of its interest in the insurance by virtue of a conveyance of any Condominium; and
7. any right to require any assignment of any mortgage to the insurer.