Borough Of Manville: FAQs About Increased Cost Of Compliance

Manville NJ

17 September, 2021

2:02 PM

Description

Press release from the Borough of Manville: September 17, 2021 ANSWERS TO FREQUENTLY ASKED QUESTIONS ABOUT INCREASED COST OF COMPLIANCE Increased Cost of Compliance (ICC) coverage provides a claim payment for the cost to comply with State or community floodplain management laws or ordinances after a direct loss by flood. When a building insured by a Standard Flood Insurance Policy (SFIP) under the National Flood Insurance Program (NFIP) sustains a flood loss and the community declares the building to be substantially or repetitively damaged, ICC coverage helps pay up to $30,000 for the cost to elevate, floodproof (nonresidential only), demolish, or relocate the building.  ICC coverage is available on residential and non-residential buildings (this category includes public or government buildings, such as schools, libraries, and municipal buildings) insured under the NFIP's flood insurance policy.  This document presents answers to frequently asked questions about ICC. The table below presents commonly used acronyms related to ICC as a ready reference for the reader. Click to View PDF..... This press release was produced by the Borough of Manville. The views expressed here are the author's own.