Page:United States Statutes at Large Volume 82.djvu/617

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[82 STAT. 575]
[82 STAT. 575]
PUBLIC LAW 90-000—MMMM. DD, 1968

82 STAT. ]

PUBLIC LAW 90-448-AUG. 1, 1968 N A T U K E A N D L I M I T A T I O N O F INSURANCE COVERAOE

SEC. 1306. (a) The Secretary shall from time to time, after consultation M'ith the advisory committee authorized under section 1818, appropriate representatives of the pool formed or otherwise created under section 1331, and appropriate representatives of the insurance authorities of the respective States, provide by regulation for gfeneral terms and conditions of insurability which shall be applicable to properties eligible for flood insurance coverage under section 1305, including— (1) the types, classes, and locations of any such properties which shall be eligible for flood insurance; (2) the nature and limits of loss or damage in any areas (or subdivisions thereof) which may be covered by such insurance; (3) the classification, limitation, and rejection of any risks which may be advisable; (4) appropriate minimum premiums; (5) appropriate loss-deductibles; and (6) any other terms and conditions relating to insurance coverage or exclusion which may be necessary to carry out the purposes of this title. (b) In addition to any other tenns and conditions under subsection (a), such regulations shall provide that— (1) any flood insurance coverage based on chargeable premium rates under section 1308 which are less than the estimated premium rates under section 1307(a)(1) shall not exceed— (A) in the case of residential properties which are designed for the occupancy of from cne to four families— (i) $17,500 aggregate liability for any dwelling unit, and $30,000 for any single dwelling structure containing more than one dwelling unit, and (ii) $5,000 aggregate liability per dwelling unit for any contents related to such unit; (B) in the case of business properties which are owned or leased and operated by small business concerns, an aggregate liability with respect to any single structure, including any contents thereof related to premises of small business occupants (as that term is defined by the Secretary), which shall be equal to (i) $30,000 plus (li) $5,000 multiplied by the number of such occupants and shall be allocated among such occupants (or amon^ the occupant or occupants and the owner) under regulatjons prescribed by the Secretary; except that the aggregate liability for the structure itself may in no case exceed $30,000; and (C) in the case of any other properties which may become eligible for flood insurance coverage under section 1305— (i) $30,000 aggregate liability for any single structuie, and (ii) $5,000 aggregate liability per dwelling unit for any contents related to such unit in the case of residential properties, or per occupant (as that term is defined by the Secretary) for any contents related to the premises occupied in the case of any other properties; and (2) any flood insurance coA^erage which may be made available in excess of any of the limits specified in subparagraph (A), (B), or (C) of paragraph (1) (or allocated to any person under subparagraph (B) of such paragraph) shall be based only on chargeable premium rates under section 1308 which are not less than the estimated premium rates under section 1307(a)(1), and the

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