RCBAP – Loss Settlement Clause

RCBAP building claims can be settled at Replacement Cost Value (RCV) without deductions for physical depreciation (RCBAP Section VIII.V.2, Replacement Cost Loss Settlement). Again, a condominium is not a type of building, it is a form of ownership of a building.

The Cover of the National flood Insurance Programs Residential Condominium Building Association Policy, Standard Flood Insurance Policy, F-144/ 0ctober 2015.