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National Flood Insurance Program

Summary: There are three standard policies used for writing flood insurance under the National Flood Insurance Program (NFIP). These are the dwelling, general property, and residential condominium building association policies. The following discussion is on the residential condominium building association policy (RCBAP). Nonresidential condominiums must be insured on the general property form. Since the text of the form varies little from that of the dwelling form (see NFIP Dwelling Form ) we will note differences between the forms rather than provide a line-by-line analysis.

Topics covered: Introduction Insuring agreement Definitions Covered building property Covered personal property Other coverages Increased cost of compliance Property not covered Exclusions Deductibles Coinsurance General conditions Loss settlement provisions Liberalization clause; what law governs

Introduction

The residential condominium building association policy (RCBAP) [IDL:f144cbap 08 09] , along with the dwelling form and the general property form, comprise the flood coverage forms available through the National Flood Insurance Program (NFIP). The residential condominium building association policy, as the name indicates, is intended for all residential condominium buildings meeting the eligibility criteria outlined in the flood insurance manual. The form may be used for townhouse, rowhouse, or detached single family condos. The governing criterion is that the property has a condo form of ownership. Cooperative apartment buildings are therefore not eligible. Timeshare buildings having condo type ownership (the units are individually owned) are eligible, provided other criteria are met.

The general property form must be used for ineligible condominium buildingsthose in emergency program communities, and those in the regular program that do not meet the requirement that at least 75 percent of the floor area of the building must be residential.

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