Definitions.

CFR · 2024-01-01 · US · Title 12

As used in this part: (1) Whose members share a common religious, charitable, educational, or fraternal bond; (2) That covers losses caused by damage to members' property pursuant to an agreement, including damage caused by flooding, in accordance with this common bond; and (3) That has a demonstrated history of fulfilling the terms of agreements to cover losses to members' property caused by flooding. (1) Is issued by an insurance company that is: (i) Licensed, admitted, or otherwise approved to engage in the business of insurance by the insurance regulator of the State or jurisdiction in which the property to be insured is located; or (ii) Recognized, or not disapproved, as a surplus lines insurer by the insurance regulator of the State or jurisdiction in which the property to be insured is located in the case of a policy of difference in conditions, multiple peril, all risk, or other blanket coverage insuring nonresidential commercial property; (2) Provides flood insurance coverage that is at least as broad as the coverage provided under an SFIP for the same type of property, including when considering deductibles, exclusions, and conditions offered by the insurer. To be at least as broad as the coverage provided under an SFIP, the policy must, at a minimum: (i) Define the term “flood” to include the events defined as a “flood” in an SFIP; (ii) Contain the coverage specified in an SFIP, including that relating to building property coverage; personal property coverage, if p

official document · source cfr-2024 · id 12:§ 760.2