Flood Insurance Coverage Clause Samples
The Flood Insurance Coverage clause requires that a property owner obtain and maintain insurance specifically covering damages caused by flooding. This clause typically applies to properties located in areas prone to flooding or where lenders or regulatory bodies mandate such coverage, and it may specify minimum coverage amounts or acceptable insurers. Its core practical function is to ensure that both the property owner and any interested parties, such as lenders, are financially protected against losses resulting from flood events, thereby mitigating the risk of significant uninsured damages.
Flood Insurance Coverage. As to each Mortgaged Property, the amount of Flood Insurance must be at least equal to the lesser of (a) the maximum amount available under the National Flood Insurance Program's regular program or its emergency program, (b) the Unpaid Principal Balance of the related Mortgage Loan or (c) 100% of the replacement cost of the improvements on the Mortgaged Property.
Flood Insurance Coverage. The Property Owner shall maintain flood insurance on the Historic Property, as required by Section 102(a) of the Flood Disaster Protection Act of 1973, 42 U.S.C. § 4002 et seq., if it is situated in an area designated by the U.S. Secretary of Housing and Urban Development as one having special flood hazards.
Flood Insurance Coverage. The Subgrantee shall maintain flood insurance on the Historic Property, as required by Section 102(a) of the Flood Disaster Protection Act of 1973, 42 U.S.C. § 4002 et seq., if it is situated in an area designated by the U.S. Secretary of Housing and Urban Development as one having special flood hazards.