Flood/Personal Watercraft Flashcards
Commercial and personal property policies exclude
Flood Insurance
NFIP
National Flood Insurance Program
NFIP has an applocation waiting period of
30 days
NFI can only be written for
Participating (eligible) Communities
When the community meets NFIP requirements and participation, it qualifies for the
Emergency Program
Temporary, partial or complete inundation of normally dry land by any one of the following:
- overflow of inland or tidal waves
- rapid accumulation or runoff of surface waters
- mudflows
- Collapse of shore along body of water if sudden erosion by waves.
Flood
Areas highly susceptible to flooding.
Special Flood Hazard Areas (SFHA)
SFHA two basic categories
A zones, V zones
Generally inland areas near lakes and rivers
A zones
Generally coastal areas
V zones
A document showing the elevation of the property to be insured.
Elevation Certificate
Fair Access to Insurance Requirements
FAIR Plan
Any real or personal property at a fixed location in NC is eligible for the FAIR plan except
vacant property
Many insurers have two forms available to provide personal watercraft coverage
the Pleasure Boat Policy and the Personal Yacht Policy.
smaller motor boats and sailboats
Pleasure Boat Policy
Big sailboats and yachts
Personal Yacht Policy
Pleasure Boat Policy is written on an
Inland Marine Form
Personal Yacht Policy is written on an
Ocean Marine Form
A per-loss deductible for personal watercraft insurance applies to
Physical Damage (Hull Coverage)
