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<br />FEDERAL EMERGENCY MANAGEMENT AGENCY
<br />FEDERAL INSURANCE ADMINISTRATION
<br />STANDARD FLOOD INSURANCE POLICY
<br />[Issued Pursuant to the National Flood Insurance Act of 1968,
<br />or Any Acts Amendatory Thereof)
<br />DWELLING FORM-INSURING AGREEMENT
<br />
<br />Agreement of Insurance Between the Federal Emergency Management
<br />Agency (FEMA), as Insurer, (hereinafter known as "we," "our," and
<br />"us") and the Insured (hereinafter known as "you" and "your"). Based
<br />upon your having paid the correct amount of premium, our reliance on the
<br />accuracy of the information and statements you bave furnished in the ap-
<br />plication for this policy about the property to be insured and subject to all
<br />the tenns of Ibis policy, the National Flood Insunmcc Act of 1968, as amend-
<br />ed (42 V.S.C. 4001 et seq., hereinafter called the Act), and regulations
<br />issued by us (Title 44 Code of Federal Regulations), we insure you and
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<br />your legal representatives against all "Direct Ph)'sical Loss by or from
<br />Flood, .. as defined in Anicle II of this Agreement. to the insured property,
<br />to the extent aClhe actual cash value. not including any antique value, of
<br />the property at the time ofloss, but not exceeding the amount which it would
<br />cost to repair or replace the propeny with material of like kind and quality
<br />within a reasonable time after the loss.
<br />Now mercforc, in consideration of the foregoing and the mutual prom-
<br />ises exchanged herein, we and you agree, funher, as follows:
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<br />AR11CLEI-PERSONSINSURED
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<br />We insure only:
<br />A. The named Insured and legal representatives:
<br />B. Any mongagee and loss payee named in the application and declara-
<br />lion page in the order of precedence and to the extent of their interest but
<br />for no more, in the aggregate, than the interest of the named insured.
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<br />AR11CLED-DmnNTInONS
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<br />.. Actual Cash Value" means the replacement cost of an insured item of
<br />propeny at the time of loss, less the value of physical depreciation as to
<br />the item damaged.
<br />"Applicatton" means the statement made and signed by you oryour agent,
<br />and giving information on the basis of which we determine the accepllbUi-
<br />t)' of the risk, the policy to be issued and the correct premium payment,
<br />which must accompany the application for the policy to be issued. The ap-
<br />plication is a pan of this flood insurance policy.
<br />"Base flood" means the flood having a one percent chance of being
<br />equalled or ellceeded in any given year.
<br />"Basemenl" means any area of the building having its floor subgrade
<br />(below ground level) on all sides.
<br />"Building" means a walled and roofed structure, other than agas or liq-
<br />uid slorage tank, that is principally above ground and affixed 10 a perma-
<br />nenl site, including a manufactured (i.e., mobile) home on a permanent
<br />foundation, subject to Anicle V(H), and a walled ..nd roofed building in
<br />the course of construction, alteration or repair. This policy does not cover
<br />more Ihan one building, unless application to cover more than one building
<br />is made on a form or in a formal approved for that purpose by the
<br />Administrator.
<br />"Cancellalion" means that ending of the insurance coverage provided
<br />by Ihis policy prior to the eltpiration date.
<br />"Coaslal High Hazard Area" means an area subject"lo high velocity
<br />waters. including hurricane wav(': wash and tsunamis.
<br />"Declarations Page" is a computer generaled summary of informal ion
<br />furnished by you in lhe applicalion for insurance. The declarations page
<br />is a pan of this flood insurance policy.
<br />"DirecI Physical Loss By or From Flood" means any loss in lhe nature
<br />of aclualloss of or physical damage. evidenced by physical changes, to
<br />the insured propeny (building or contents (personal property)) which is
<br />directly and prollimately caused by a "flood" (as defined in this Agree-
<br />ment), while the insured propeny is located: I. at the property address shown
<br />on the application for this insurance. which is a pan of this Agreemenl;
<br />and 2. for forty-five days, at another place above ground level, or outside
<br />of the special flood hazard area, to which any ofthe insured propeny shall
<br />necessarily be removed by you in order to protect and preserve il from flood
<br />or frolll tht i,nminent danger of"ood (provided, personal propeny so
<br />removed must be placed in a fully enclosed building or olherwise reasonably
<br />
<br />October 1992
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<br />protected from the elements 10 be insured against loss), in which case the
<br />reasonable expenses incurred by you, including the value of your own labor
<br />and the labor of members ofyoor household at prevailing Federal minimum
<br />wage rates in moving any of your insured property temporarily away from
<br />the peril of flood and storing this property at the temporary location (not
<br />exceeding 4S days) sball be reimbursed to you for buildings in an amount
<br />up to lhe amount of the minimum building deductible and for contenls in
<br />an amount up to the amount of the minimum contents deductible. This
<br />policy's deductible amounls, as provided for at Anicle VI. shall not be ap-
<br />plied to this reimbursement, bUI shall be applied to any oIher benefits under
<br />this policy's coverage. The lenn "Direct Physkal1.DssByor From Flood"
<br />shall not include compensation for loss of access, loss of use, loss of pro--
<br />fiu, or loss resulting from interruption of business, profession or manufac-
<br />ture, or reimbursement for your additional living expenses, incurred by
<br />reason of your having to live in rented quaners while the insured building
<br />is being repaired or replaced, or allowance for any increased cost of repair
<br />or reconstruction as a result of any ordinance regulating reconstruclion or
<br />repair, or other economic loss.
<br />"Dwelling" means a building designed for use as a resKlence for no more
<br />than four families.
<br />"Expense Constanl": The expense constant is a flat charge per policy
<br />term, paid by the Insured to defray the Federal Government's policywriting
<br />and other expenses.
<br />"Expiration Date" means the ending of the insurance coverage provided
<br />by this policy on the expiration date shown on the declaration page.
<br />"Flood": Wherever in this policy the tenn "flood" occurs, it shall be
<br />held to mean:
<br />A. A general and temporary condition of panial or complete inundation
<br />of normally dry land areas from:
<br />I. The overflow of inland or tidal waters.
<br />2. The unusual and rapid accumulation or runoff of surface waters from
<br />any source.
<br />3. Mudslides (i.e., mudflows) which are proximately caused by flooding
<br />as defined in subparagraph A-2 above and are akin to a river of liquid and
<br />flowing mud on the surfaces of nonnally dry land areas, including your
<br />premises, as when earth is carried by a currenl of water and deposited along
<br />the path of the current.
<br />B. The collapse or subsidence of land along the shore of a lake or other
<br />body of water as a result of erosion or undermining caused by waves or
<br />currents of water eltcceding the cyclical levels which result in flooding as
<br />defined in A-I above.
<br />"Manufactured home" means a building transponable in one or more
<br />sections, which is built on a permanenl chassis and designed to be used
<br />with or without a pcnnanent foundation when connected to the required
<br />utilities. The term "manufactured home" does not include park trailers.
<br />travel trailers, and other similar vehicles. To be eligible for coverage under
<br />this policy, a manufactured home musl be on a permanenl foundation and
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<br />POL 15
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