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<br />e <br /> <br />. <br /> <br />. <br /> <br />e <br /> <br />. <br /> <br />e <br /> <br />CONDOMINIUM MASTER POLICY <br /> <br />Effective January 1, 1989, the NFIP began offering a Condominium Master I <br />Policy to condominium associations. The Condominium Master Policy is <br />designed to provide more complete flood insurance protection at less cost. <br /> <br />A condominium association policy cannot be converted to a <br />Condominium Master Policy by endorsement <br /> <br />Provisions <br /> <br />To qualify for coverage under the Condominium Master Policy, a building <br />must be in the Regular Program, contain at least 5 units, and have at least <br />3 floors. Only one building per policy is allowed. <br /> <br />This policy is only available for those buildings that meet the <br />incidental occupancy rule; i.e., at least 75 percent of the floor area <br />within the building is residential. <br /> <br />Buildings in the Emergency Program are not eligible for this coverage at <br />this time. Also, buildings considered to be townhouses or rowhouses are <br />not eligible. <br /> <br />The policy form used for the Condominium Master Policy is the General I <br />Property Form with no change in policy language. The named insured is <br />the association and the unit owners, as their interests may appear. <br /> <br />Under the Condominium Master Policy, the entire building is covered <br />under one policy, including all units within the building. <br /> <br />Improvements and betterments within the units are also covered under the <br />Condominium Master Policy. However, only contents owned in common <br />are covered. Contents that are owned by individual unit owners must be <br />insured under an individual unit owner's contents policy. <br /> <br />The residential unit owner should purchase contents coverage under the <br />Dwelling Form. The non-residential unit owner should purchase contents <br />coverage under the General Property Form. <br /> <br />Replacement Cost Coverage is not available under the Condominium <br />Master Policy at this time. <br /> <br />The maximum amount of building coverage that can be purchased is the <br />actual cash value of the building or the TOTAL (residential plus non- <br />residential) number of units in the building times $185,000, whichever is <br />less. (See examples at the end of the CONDO Section.) <br /> <br />October 1992 <br /> <br />General <br />Description <br /> <br />Conversions <br /> <br />Eligibility <br />Requirements <br /> <br />Policy Form <br /> <br />Property <br />Covered <br /> <br />Replacement <br />Cost Coverage <br /> <br />Coverage <br />Limits <br /> <br />CONDO 5 <br />