Standard Flood Insurance Policy definition

Standard Flood Insurance Policy means the flood insurance policy issued by the federal Administrator, or an insurer pursuant to an arrangement with the federal Administrator, pursuant
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Standard Flood Insurance Policy means the flood insurance policy issued by the Federal Insurance Adminis- trator, or by a Write-Your-Own Com- pany pursuant to 44 CFR 62.23. (a) Where an insurable building dam- aged by flooding is located in a special flood hazard area identified for more than one year by the Director, assist- ance pursuant to section 406 of the Xxxxxxxx Act shall be reduced. The amount of the reduction shall be the maximum amount of the insurance proceeds which would have been re- ceived had the building and its con- tents been fully covered by a standard flood insurance policy. (b) The reduction stated above shall not apply to a PNP facility which could not be insured because it was lo- cated in a community not partici- pating in the NFIP. However, the pro- visions of the Flood Disaster Protec- tion Act of 1973 prohibit approval of as- sistance for the PNP unless the com- munity agrees to participate in the NFIP within six months after the major disaster declaration date, and the required flood insurance is pur- chased. (c) Prior to approval of a Federal grant for the restoration of a facility and its contents which were damaged by a flood, the Grantee shall notify the Regional Director of any entitlement to an insurance settlement or recovery. The Regional Director shall reduce the eligible costs by the amount of insur- ance proceeds which the grantee re- ceives. (d) The grantee or subgrantee is re- quired to obtain and maintain flood in- surance in the amount of eligible dis- aster assistance, as a condition of re- ceiving Federal assistance that may be available. This requirement also ap- plies to insurable flood damaged facili- ties located outside a special flood haz- ard area when it is reasonably avail- able, adequate, and necessary. How- ever, the Regional Director shall not require greater types and amounts of insurance than are certified as reason- able by the State Insurance Commis- sioner. The requirement to purchase flood insurance is waived when eligible costs for an insurable facility do not exceed $5,000.
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Standard Flood Insurance Policy means the flood insurance policy issued by the Federal Insurance Adminis- trator, or by a Write-Your-Own Com- pany pursuant to 44 CFR 62.23.
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Examples of Standard Flood Insurance Policy in a sentence

  • The Standard Flood Insurance Policy (SFIP) consists of the Dwelling Form, the General Property Form, and the Residential Condominium Building Association Policy (RCBAP) Form.

  • All endorsements to the Standard Flood Insurance Policy shall be final upon publication in the FEDERAL REGISTER for inclusion in ap- pendix A.

  • The application and renewal application forms utilized by the National Flood Insurance Program shall be the only application forms used in connection with the Standard Flood Insurance Policy.

  • The Standard Flood Insurance Policy (SFIP) is not a continuous policy.

  • If any misunderstanding or dispute arises between the Company and FEMA with reference to any factual issue under any provisions of this Arrangement or with respect to FEMA’s nonrenewal of the Company’s participation, other than as to legal liability under or interpretation of the Standard Flood Insurance Policy, such misunderstanding or dispute may be submitted to arbitration for a determination that will be binding upon approval by FEMA.

  • Under the Standard Flood Insurance Policy, coverage for improvements and betterments is provided for tenants who have purchased personal property coverage.

  • See 42 U.S.C. 4081(a).Pursuant to this authority, FEMA enters into a standard Financial Assistance/Subsidy Arrangement (Arrangement) with private sector property insurers, also known as Write Your Own (WYO) companies, to sell NFIP flood insurance policies under their own names and adjust and pay claims arising under the Standard Flood Insurance Policy (SFIP).

  • Benefits under section 1306(c) of the Act do not include compensation for items excluded under the provisions of the Standard Flood Insurance Policy (SFIP).

  • The Company must process all claims consistent with the Standard Flood Insurance Policy, Financial Control Plan, other guidance adopted by FEMA, and as much as possible, with the Company’s standard business practices for its non-NFIP policies.

  • The Standard Flood Insurance Policy (SFIP) pays for complying with a State or local floodplain management law or ordinance affecting repair or reconstruction of a structure suffering flood damage.


More Definitions of Standard Flood Insurance Policy

Standard Flood Insurance Policy means a standard contract or policy by means of which flood insurance coverage under the program is made available to an insured by the Association. The form of the policy, as well as its terms and conditions, is approved by the admin­ istrator and is uniform with respect to all areas.
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Standard Flood Insurance Policy means the flood insurance policy issued by the Federal Insurance Administrator or an insurer pursuant to an arrangement with the Administrator pursuant to federal statutes and regulations, known as a write-your-own (WYO) company.
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Standard Flood Insurance Policy means the flood insurance policy issued by the Federal Insurance Ad- ministrator, or an insurer pursuant to an arrangement with the Administrator pursuant to Federal statutes and regulations.
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Related to Standard Flood Insurance Policy

  • Flood Insurance means the insurance coverage provided under the National Flood Insurance Program.

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.

  • National Flood Insurance Program means the program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, that mandates the purchase of flood insurance to cover real property improvements located in Special Flood Hazard Areas in participating communities and provides protection to property owners through a Federal insurance program.

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • Federal Flood Insurance means federally backed Flood Insurance available under the National Flood Insurance Program to owners of real property improvements located in Special Flood Hazard Areas in a community participating in the National Flood Insurance Program.

  • Flood Insurance Study means the official report provided by the Federal Insurance Administration that includes flood profiles, the Flood Insurance Rate Map, the Flood Boundary and Floodway Map, and the water surface elevation of the base flood.

  • Flood Insurance Laws means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto.

  • R&W Insurance Policy has the meaning set forth in Section 6.15.

  • Flood Insurance Rate Map means the most recent flood hazard map published by the Federal Emergency Management Agency under the National Flood Insurance Act of 1968 (42 U.S.C. Section 4001 et seq.).

  • Environmental Insurance Policy means, with respect to any Mortgage Loan or the related Mortgaged Property or REO Property, any insurance policy covering pollution conditions and/or other environmental conditions that is maintained from time to time in respect of such Mortgage Loan, Mortgaged Property or REO Property, as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders.

  • Flood Insurance Regulations means (a) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (b) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (c) the National Flood Insurance Reform Act of 1994 (amending 42 USC § 4001, et seq.), as the same may be amended or recodified from time to time, and (d) the Flood Insurance Reform Act of 2004 and any regulations promulgated thereunder.

  • Flood Insurance Study (FIS means an examination, evaluation, and determination of flood hazards, corresponding water surface elevations (if appropriate), flood hazard risk zones, and other flood data in a community issued by the FEMA. The Flood Insurance Study report includes Flood Insurance Rate Maps (FIRMs) and Flood Boundary and Floodway Maps (FBFMs), if published.

  • Blanket insurance policy means a group policy covering a defined class of

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • Flood Insurance Rate Map (FIRM means the official map on which the Federal Insurance Administration has delineated both the areas of special flood hazards and the risk premium zones applicable to the community.

  • Mortgage Impairment Insurance Policy A mortgage impairment or blanket hazard insurance policy as described in Section 4.11.

  • Special Primary Insurance Policy Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to Section 4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans.

  • Primary Mortgage Insurance Policy Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related Security Instrument, if any or any replacement policy therefor through the related Interest Accrual Period for such Class relating to a Distribution Date.

  • Bond Insurance Policy means the municipal bond insurance policy, if any, issued by the Bond Insurer that guarantees payment of principal of and interest on the Bonds and constitutes a Bond Facility under the Indenture.

  • Reimbursement insurance policy means a policy of insurance

  • Hazard Insurance A fire and casualty extended coverage insurance policy insuring against loss or damage from fire and other perils covered within the scope of standard extended hazard coverage naming the Servicer, its successors and assigns, as a mortgagee under a standard mortgagee clause, together with all riders and endorsements thereto.

  • Life Insurance Policy has the meaning given in Section 6.11.

  • Required Insurance Policy With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

  • Primary Insurance Policy Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

  • Environmental Policy means to conserve energy, water, wood, paper and other resources, reduce waste and phase out the use of ozone depleting substances and minimise the release of greenhouse gases, volatile organic compounds and other substances damaging to health and the environment, including any written environmental policy of the Customer;

  • Health insurance policy means a policy that provides specified benefits for hospital and/or general treatment and meets all requirements under section 63-10 of the Private Health Insurance Act 2007.