19. Insurance

Under Section 5.02 of the By-Laws, the Board is obligated to procure and maintain certain policies of insurance, including:

1. Insurance against property damage to any improvements that are Common Elements in an amount equal to full replacement value of the improvements;
2. Insurance against liability for any accidents that occur on the Common Elements in an amount set by the Board; and
3. Insurance against liability of Directors and Officers of the Association for errors and omissions in connection with their activities as such.

The insurance that must be maintained by the Board is set forth in detail in Article V of the By-Laws. Letters relative to the adequacy of the insurance coverage are included as part of Exhibit 2 of this Public Offering Statement.

Each Unit Owner should consult his own insurance agent to procure and maintain adequate insurance against property damage to his Unit and insurance against liability for occurrences within his Unit. Each such policy must, however, contain a waiver of subrogation of all claims against the Association or other Unit Owners.