FLOOD08304

• County: Statewide
• Basin: Statewide
• Title: Federal Emergency Management Agency
• Date: 5/1/1998
• Prepared By: FEMA
• Floodplain - Doc Type: Historic FEMA Regulatory Floodplain Information

Pt. 61, App. A(2)

On this basis. the Insured is insured up to
the lesser of:
1. The actual cash value. not including any
antique value. of the property at the time of
loss: or
2. The amount it would cost to repair or re-
place the property with material of like kind
and quality within a reasonable time after
the loss.

ATticle I-Persons ImuTed

The following are Insured under this policy:
A. The named Insured and legal represent-
atives;
B. Any mortgagee and trustee named in
the application and dec1aTations page. as wen
as any other mortgagee or loss payee deter-
mined to exist at the time of a loss (See.Arti-
cle 8. paragraph L.). in the order of prece-
dence and to the extent of their interest hut
for no more. in the aggregate. than the inter-
est of the named Insured.

ATticle 2-Definitions

As used in this policy:
Act means the National Flood Insurance
Act of 1968 and any acts amendatory thereof.
Actual Cash Value means the replacement
cost of an insured item of property at the
time of loss, less the value of physiceJ depre-
ciation as to the item damaged.
Application means the statement made and
signed by the Insured. or the Insured's agent.
and giving information on the basis of which
the Insurer determines the acceptability of
the risk. the policy to be issued and the cor-
rect premium payment. which must accom-
pany the application in order for the policy to
be issued. The application is a part of this
flood insurance policy.
Association means the group of unit owners
which manages the described Condominium
Building.
Base flood means the flood bs.ving a one
percent chance of being equalled or exceeded
in any given year.
Basement means any area of the building.
including any sunken room or sunken por-
tion of a room. bs.ving its noor subgrade
(below ground level) on all sides.
Building means a walled and Toofed struc-
ture. other than a gas or liquid storage tank.
that is principally aboVe ground and affixed
to a permanent site. including a tDalIed and
Toofed bui/ding in the course of construction.
alteration or repair and a manufsctllTed (i.e"
mobile) home on a permanent foundation. sub-
ject to Article 6. paragraph H.
Cancellation means that ending of the in-
surance coverage provided by this policy
prior to the ezpiTation date.
Coast4l High HazD.Td ATea means an area
subject to high velocity waters. including
hurrica.ne wave wash and tsunamis.
Condomi1liwn means a system of individual
ownership of tmits in a multi-unit building or

44 CFR Ch. I 00-1-97 Edition)

buildings or in single-unit buildings as to
which each unit owner in the condominium
bas an undivided interest in the common
areas of the building!s) and facilities that
serve the building!s).
DeclaTations Page is a computer generated
summary of information furnished by the In-
sured in the application for insurance. The
dec/aTations page also describes the term of
the policy. limits of coverage. and displays
the premium and the name of the Insurer.
The declaTations page is a part of this flood
insurance policy.
DiTect Physical Loss By OT From Flood means
any loss in the nature of actual loss of or
physiceJ damage. evidenced by physiceJ
changes. to the insured property (building or
personal property) which is directly and
proximately caused by a "f1ood" (as defined
in this policy).
Elevated Building means a non-basement
building which bas its lowest elevated noor
raised above ground level by foundation
walls. shear walls. posts. piers. pilings. or
columns.
Emergency Program Community means a
community wherein a Flood Hazard Bound-
ary Map (FHBM) is in effect and ouly limited
amounts of insurance are available under the
Act.
Ezpense Constant means a nat charge per
policy term. paid by the Insured to defray the
Federal Government's policywriting and
other expenses.
ErpiTation Date means the ending of the in-
surance coverage provided by this policy on
the ezpiTation date shown on the decimations
page.
FedeTal . policy fee means a flat charge per
policy term. paid by the Insured to defray
certain administrative expenses incurred in
carrying out the National Flood Insurance
ProgTam not covered by the expense constant.
This fee was established by section
1307(a)(l)(B)(iii) of the Natioual Flood Insur-
ance Act of 1968. as amended. and is not sullo
ject to producers' commissions. expense al-
lowances, or state or local premium taxes.
Flood means:
A. A general and temporary condition of
partial or complete inundation of normally
dry land areas from:
1. The overflow of inland or tidal waters.
2. The unusual and rapid accumulation or
runoff of surface waters from any source.
3. Mudslides (i.e.. mudflows) which are
proximately caused by nooding as defined in
subparagraph A-2 above and are akin to a
river of liquid and nowing mnd on the sur-
faces of normally dry land areas as when
earth is carried by a current of water and de-
posited along the path of the current.
B. The collapse or subsidence of land alOng
the shore of a lake or other body of water as
a result of erosion or undermining caused by

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