The association shall obtain:

(1) A casualty insurance policy or policies affording fire and extended coverage insurance for and in an amount consonant with the full replacement value of all structures within the condominium; provided, however, that the association may exclude from such coverage (A) improvements made by the unit owners, and (B) structures covered by builder's risk insurance, such coverage to be in an amount consonant with the full replacement value thereof, but only during such period of time as the builder's risk insurance remains in full force and effect and only on the condition that the association is named as an additional insured;

(2) A liability insurance policy or policies, in amounts specified by the condominium instruments but not in amounts less than $500,000.00 for injury, including death, to a single person; $1 million for injury or injuries, including death, arising out of a single occurrence; and $50,000.00 for property damage; or, in the alternative, a liability policy affording coverage for bodily injury and property damage with a combined single limit in an amount not less than $1,050,000.00. The policy or policies shall cover the association, the board of directors and the officers of the association, all agents and employees of the association, and all unit owners and other persons entitled to occupy any unit or other portion of the condominium for occurrences commonly insured against arising out of or in connection with the use, ownership, or maintenance of the common elements or other portion of the condominium which the association has the responsibility to maintain; and

(3) Any other types and amounts of insurance coverage as may be specified in the condominium instruments or authorized by the board of directors.