Hazard insurance coverage definition

Hazard insurance coverage means insurance against losses caused by perils which are commonly covered in policies described as a “Homeowner’s Policy,” “General Property Form,” “Guaranteed Replacement Cost Insurance,” “Special Building Form,” “Standard Fire,” “Standard Fire with Extended Coverage,” “Standard Fire with Special Form Endorsement,” or comparable insurance coverage to protect the real property against loss or damage from fire and other perils covered within the scope of a standard extended coverage endorsement.
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Hazard insurance coverage. An amount equal to the greater of (A) the lesser of (1) 100% of the insurable value of the Mortgaged Property, and (2) the Outstanding Principal Balance of the Mortgage Loan, and (B) an amount such that the proceeds of such insurance shall be sufficient to avoid the application to the Mortgagor or loss payee of any coinsurance under the insurance policy, but in no event less than (C) the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis.
Sample 1
Hazard insurance coverage means insurance against losses caused by perils which are commonly covered in policies described as a "Homeowner's Policy", "General Property Form", "Guaranteed Replacement Cost Insurance" "Special Building Form", "Standard Fire", Standard Fire with Extended Coverage", "Standard Fire with Special Form Endorsement", or comparable insurance coverage to protect the real property against loss or damage from fire and other perils covered within the scope of a standard extended coverage endorsement.
Sample 1

Examples of Hazard insurance coverage in a sentence

  • Hazard insurance coverage must be issued in the name(s) of the titled property owner(s).

  • Hazard insurance coverage must be equal to at least the principal balance of the new loan or replacement cost.

  • Hazard insurance coverage in an amount required by the project's Mortgage.

  • Insufficient Coverage: Hazard insurance coverage amount is insufficient.

  • Hazard insurance coverage in an amount required by the projects Mortgage.

  • Hazard insurance coverage: As part of keeping the loan from going into default, borrower must maintain property insurance coverage naming the City as loss payee in second position.

  • Hazard insurance coverage must also cover the replacement cost of the property during the period the Lien is valid.

  • Hazard insurance coverage for the replacement value of your home must be secured at the Homeowner’s own expense (your expense) for as long as you own the property.

  • Hazard insurance coverage should be in the amount of the lessor of:• 100% of the insurable value of improvements, as established by the property insurer; or• The unpaid principal balance of the mortgage, as long as it equals the minimum amount (80% of the insurable value of the improvements) required to compensate for damage or loss on a replacement cost basis.

  • Hazard insurance coverage is required on all properties securing loans made by the Bank.Flood insurance is also required, when applicable.


More Definitions of Hazard insurance coverage

Hazard insurance coverage means insurance against losses caused by perils which are commonly covered in policies described as a “Homeowner’s Policy,” “General Property Form,” “Guaranteed Replacement Cost Insurance,” “Special Building Form,” “Standard Fire,” “Standard Fire with Extended Coverage,” “Standard Fire with Special Form Endorsement,” or comparable insurance coverage to protect the real property against loss or damage from fire and other perils covered within the scope of a standard extended coverage endorsement, and (ii) the term “Improvements” means buildings or structures attached to the real property. Each Borrower acknowledges having received this disclosure prior to execution of the Financing Documents to be delivered by Borrower in connection with the Credit Facilities.
Sample 1

Related to Hazard insurance coverage

  • Insurance Coverage Contractor shall, at Contractor’s sole expense, procure, maintain and keep in force for the duration of this Contract the following insurance conforming to the minimum requirements specified below. Unless specified herein or otherwise agreed to by the City, the required insurance shall be in effect prior to the commencement of work by Contractor and shall continue in force as appropriate until the latter of:

  • Insurance Cover means the aggregate of the maximum sums insured under the insurance taken out by the Contractor pursuant to Article 20, and includes all insurances required to be taken out by the Contractor under Clauses 20.1 and 20.9 but not actually taken, and when used in the context of any act or event, it shall mean the aggregate of the maximum sums insured and payable or deemed to be insured and payable in relation to such act or event;

  • 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.

  • 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.

  • 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.

  • Health insurance coverage means benefits consisting of medical care (provided directly, through

  • Individual health insurance coverage means health insurance coverage offered to individuals in the

  • Insurance means (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies.

  • Group health insurance coverage means in connection with a group health plan, health insurance

  • FHA Insurance The contractual obligation of FHA respecting the insurance of an FHA Loan pursuant to the National Housing Act, as amended.

  • Coverage means the types of persons to be eligible as the beneficiaries of the Scheme to health services provided under the Scheme, subject to the terms, conditions and limitations.

  • Property Insurance is defined in Section 6.10(a).

  • General Liability Insurance Subcontractor shall carry minimum primary General Liability Insurance for the following amounts:

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Fidelity Insurance means insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud.

  • Insurance score means a number or rating that is derived from an algorithm, computer application, model, or other process that is based in whole or in part on credit information for the purposes of predicting the future insurance loss exposure of a consumer.

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • Debt Service Coverage means that for every $1.00 of debt service required to be paid there must be $1.15 of Net Operating Income available. A worksheet for the calculation of Debt Service Coverage is found in the Report of Operations attached hereto as Exhibit "H" and incorporated herein by this reference.

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

  • Insurance adjuster means a person who directs or conducts the investigation, negotiation, or settlement of a claim under an insurance policy other than life insurance or an annuity, on behalf of an insurer, policyholder, or a claimant under an insurance policy.

  • Health care coverage means any plan providing hospital, medical or surgical care coverage for

  • Liability Insurance means compulsory professional liability errors and omissions insurance required by a governing body;

  • Errors and Omissions Insurance Policy means an errors and omissions insurance policy maintained by the Master Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator, as the case may be, in accordance with Section 8.2, Section 9.2 and Section 7.17, respectively.

  • Specified Insurance Company means any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.

  • Creditable coverage means, with respect to an individual, coverage of the individual provided under any of the following:

  • Casualty insurance means liability insurance.