Common use of Windstorm Coverage Clause in Contracts

Windstorm Coverage. What is Required If the Special Form policy excludes any type of wind-related event, a separate windstorm insurance policy must be obtained. When Does it Apply Required for all properties Amount of Coverage See Property Insurance and Business Income sections for amount of coverage required. Maximum Deductible 5% of the total insured value, as listed in the policy Loss Payable and Additional Insured Clause GS Bank USA and the Investor Limited Partner and their successors and/or assigns, ATIMA named as loss payees and additional insureds What is Required Flood Insurance When Does it Apply Flood insurance is required for Property improvements located in SFHA A or V GS Bank may require flood insurance for improvements located outside SFHA A or V. It will be evaluated on a case by case basis. Amount of Coverage 100% of the replacement cost of improvements located in SFHA A or V. See “Business Income/Rent Loss” for coverage required for improvements located in SFHA A or V. If 100% of the full replacement cost is unavailable, then the maximum amount of insurance available under the National Flood Insurance Program (NFIP) must be obtained. An excess flood or Difference in Conditions (DIC) policy must provide for the difference, if any, between maximum limit provided by NFIP policies and the full replacement cost and the required Business Income / Rent Loss coverage as noted above. Maximum Deductible 5% of the Total Insured Value as listed on the policy The acceptable deductible for a DIC is the limit of the NFIP policy (ies) Loss Payee and Additional Insured Clause GS Bank USA and the Investor Limited Partner and their successors and/or assigns, ATIMA named as loss payees and additional insureds Flood insurance must be in the form of the standard policy issued by members of the National Flood Insurance Program (NFIP). Other policies that meet the NFIP’s requirements—such as those issued by licensed property and casualty insurance companies that are authorized to participate in NFIP’s “Write Your Own” program—will be acceptable.