Standard Flood Insurance Policy, Residential Condominium Building Association Policy (complete policy form)

What this document is

44 C.F.R. Part 61, Appendix A(3) - Standard Flood Insurance Policy, Residential Condominium Building Association Policy (complete policy form) is a regulation published by Federal Emergency Management Agency, Federal Insurance and Mitigation Administration; Office of the Federal Register / National Archives (Electronic Code of Federal Regulations, eCFR). It is one of the documents that insurance license exam questions are written from, including property & casualty, claims adjuster practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 44 C.F.R. pt. 61, App. A(3), Art. VIII.R.1 (General Conditions, Loss Settlement, Introduction)

  “a. Replacement Cost Loss Settlement, described in R.2 below applies to buildings other than manufactured homes or travel trailers. b. Special Loss Settlement, described in R.3 below applies to a residential condominium building that is a travel trailer or a manufactured home. c. Actual Cash Value...”

• 44 C.F.R. pt. 61, App. A(3), Art. VII.A and VII.B (Coinsurance)

  “VII. Coinsurance A. This Coinsurance Section applies only to coverage on the building. B. We will impose a penalty on loss payment unless the amount of insurance applicable to the damaged building is: 1. At least 80 percent of its replacement cost; or 2. The maximum amount of insurance available...”

• 44 C.F.R. pt. 61, App. A(3), Art. VII.C (Coinsurance)

  “C. If the actual amount of insurance on the building is less than the required amount in accordance with the terms of VII.B above, then loss payment is determined as follows (subject to all other relevant conditions in this policy, including those pertaining to valuation, adjustment, settlement,...”

• 44 C.F.R. pt. 61, App. A(3) (SFIP RCBAP), Art. I.A (Agreement, reversion to the emergency program)

  “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.”

• 44 C.F.R. pt. 61, App. A(3) (SFIP RCBAP), Art. IV.16 (Property Not Insured, incidental commercial use)

  “16. Personal property used in connection with any incidental commercial occupancy or use of the building.”

• 44 C.F.R. pt. 61, App. A(3) (SFIP RCBAP), Art. VII.D (Coinsurance, calculating full replacement cost)

  “D. In calculating the full replacement cost of a building: 1. The replacement cost value of any insured building property will be included; 2. The replacement cost value of any building property not insured under this policy will not be included; and 3. Only the replacement cost value of...”

• 44 C.F.R. pt. 61, App. A(3) (SFIP RCBAP), Art. III.D.6.a (Coverage D, Other Provisions)

  “a. Increased Cost of Compliance coverage will not be included in the calculation to determine whether coverage meets the coinsurance requirement for replacement cost coverage under Art. VIII.R. (“Loss Settlement”).”

• 44 C.F.R. pt. 61, App. A(3) (SFIP RCBAP), Art. VIII.R.2.b (Loss Settlement, Replacement Cost)

  “b. We will not be liable for any loss on a Replacement Cost Coverage basis unless and until actual repair or replacement of the damaged building or parts thereof, is completed.”

• 44 C.F.R. pt. 61, App. A(3) (SFIP RCBAP), Art. VIII.R.2.c (Loss Settlement, Replacement Cost)

  “c. If a building is rebuilt at a location other than the described location, we will pay no more than it would have cost to repair or rebuild at the described location, subject to all other terms of Replacement Cost Loss Settlement.”

• 44 C.F.R. pt. 61, App. A(3) (SFIP RCBAP), Art. VIII.R.4.a (Loss Settlement, Actual Cash Value)

  “a. The types of property noted below are subject to actual cash value loss settlement: (1) Personal property; (2) Insured property abandoned after a loss and that remains as debris at the described location; (3) Outside antennas and aerials, awnings, and other outdoor equipment; (4) Carpeting and...”

• 44 C.F.R. pt. 61, App. A(3) (SFIP RCBAP), Art. VIII.B.2 (General Conditions, Other Insurance)

  “2. If there is a National Flood Insurance Program flood insurance policy in the name of a unit owner that covers the same loss as this policy, then this policy will be primary.”

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