FLOOD08304 - Laserfiche WebLink

Home Browse Search

Federal Emergency Management Agency For purposes of this paragraph W.. the term effective date means the date coverage that has been in effect without any lapse was first placed in effect. In addi ti on to the pr0- Visions of this paragraph W. for increasing policy limits. the usual procedures for in- creasing limits by mid-term endorsement or at renewal time. with the appropriate wait- ing period. are applicable to the policy the Insured chooses to keep in effect. Article ~What Law Governs This policy is governed by the flood insur- ance regulations issued by FEMA. the Na- tional Flood Insurance Act of 1968. as amend- ed (42 U.S.C. 4001. et .eq.) and Federal com- mon law. In witness whereof. the Insurer has executed and attested these presents. JAMES L. WITI'. DiTectOT, Federal EmeTgency Management Agency . (The information reqUired under the terms of this policy has been approved by the Office or Management and Budget under OMB control number 306'l-0021). [58 FR 62432. Nov. 26. 1993. as amended at 62 FR 8398. Feb. 25. 1997J APPENDIX A(3) TO PART 61 FEDERAL EMERGENCY MANAGEMENT AGENCY. FEDERAL INSURANCE ADMINISTRATION STANDAllD FLooD INSIlRANCE POLICY [Issued Pursuant to the Na.tional Flood In- surance Act of 1968. or Any Acts Amendatory Thereof (Hereinafter Called the Act). and Ap- plicable Federal Regulations in Title 44 of the Code of Federal Regulations. Subchapter B] REslDD-'nAL CONDOMINIUM BuILDING ASSOCIATION POLICY Read the policy carefully. The coverage provided is subject to limitations. restric- tions and exclUSions. This policy covers only a. residential con- dominium building in a regular program community. If the community reverts to emergency program status during the policy term and remains as an emergency program community at time of renewal. this policy cannot be renewed. INSURING AGREEMENT Agreement. of insara.nce between the Fed- eral Emergency Management Agency (FEMAl. as Insurer. and the Insured. The Insurer insureS the Insured aga.inst all DiTect phyoical 1= by OT from flood to the in- sured property. based upon: 1. The Insured having paid the correct amount of premium; and Pt. 61 , App. A(3) 2. The Insurer's reliance on the accuracy of the information and statemenUi the IDsured has furnished: and 3. All the terms of this policy. the National Flood Insurance Act of 1968. as 'lIIIended. and Title 44 of the Code of Federal Regulations. On this basis. the Insured is lnsured up to the lesser of: 1. The actual cash value. except as provided in Article 8. 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 wi th material of like kind and quality within a reasonable time after the loss. ATticle 1-PeT'ons 17l$UTed The following are insured under this policy: A. The named Insured condominium associa- tion. unit owners in the insured Tesidential condominium building and legal representa- elves; B. A:Ay mortgagee and trusl;ee named in the application and declaTations page. as well as any other mortgagee or 10Sli payee deter- mined to exist at the time of a loss (See Arti- cle 10. paragraph L.). in the o:!'der of prece- dence and to the extent of their interest but for no more. in the aggregate. than the inter- est of the named Insured. Article 2-Defmiti,m. As used in this Policy: Act means the National Flood Insurance Act of 1968 and any acts amendatory thereof. Actual Ca.sh Value means the replacement cost of an insured item of property at the time ofloss. less the value of phySical depre- ciation as to the item damaged. Application means the statell:lent made and Signed by the Insured. or the IIlSured's agent. and giving information on the basis of which the Insurer determines the a<:ceptability of the risk. the policy to be issued and the cor- rect premium payment. which must accom- pany the application in order for the polit;zl to be isSUed. The application is '" part of t.his flood insurance policy. Association means the group of unit owners which manages the described Residential Con- dominium .Building. Base f/DOd means the flood having 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. having its floor sUbgrade (below ground level) on all sides. Building means a toaUed and Toofed struc- ture. other than a gas or liqnici storage tank. that is principally above ground and affixed to a permanent site. inCluding a tDCI11ed and roofed building in the course of construction. alteration or repair and a manufactUTed (i.e.. mobile) home on a perma.nent foundation. sub- ject to Article 6. paragraph H. . "-'. ". . . ." -. . ..... , 285