Commercial-Residential Class Code Sample Clauses
The Commercial-Residential Class Code clause defines how properties are categorized as either commercial or residential for the purposes of the agreement. This classification typically determines which rules, rates, or obligations apply to a given property, such as insurance premiums, zoning requirements, or maintenance responsibilities. By clearly specifying the class code, the clause ensures that both parties understand the applicable standards and reduces the risk of disputes over property use or compliance.
Commercial-Residential Class Code. If a single structure is used for both habitational and non-habitational purposes and the structure has a commercial-residential class code (based on a classification plan on file with and reviewed by the Administrator), the entire exposure for the structure should be reported to the FHCF under the Data Call, and the FHCF will reimburse losses for the entire structure as well.
Commercial-Residential Class Code. If a single structure is used for both habitational and non-habitational purposes and the structure has a commercial-residential class code (based on a classification plan on file with and reviewed by the Administrator), the entire exposure for the structure should be reported to the FHCF under the Data Call, and the FHCF will reimburse losses for the entire structure as well. FHCF-2006K Rule 19-8.010 F.A.C. COMMERCIAL NON-RESIDENTIAL/BUSINESS CLASS CODE If a single structure is used for both habitational and non-habitational purposes and the structure has a commercial non-residential or business class code (based on a classification plan on file with and reviewed by the Administrator), the habitational portion of that structure should be identified and reported to the FHCF under the Data Call. However, in recognition of the unusual nature of commercial structures with incidental habitational exposure and the hardship some companies may face in having to carve out such incidental habitational exposure, as well as the losses to such structures, the FHCF will accommodate these companies by allowing them to exclude the entire exposure for the single structure from their Data Call submission, providing the following two conditions are met: