Common use of Comprehensive Schedule of Covered Properties Clause in Contracts

Comprehensive Schedule of Covered Properties. Lender must be provided with a full listing, clearly indicated as part of the policy (Policy No. referenced, on Insurance Company letterhead, or made part of the actual policy) of every single property covered under the policy complete with an indication as to the flood zone for each property and indicating building and contents coverage limits, if applicable, sometimes referred to as a Statement of Values (“SOV”). If the Schedule of Covered Properties or SOV reflects building coverage of less than $500,000 and/or contents coverage of less than $500,000 for any property in a SFHA, supporting documentation may be required (refer to Section 2 (a) (iii) RCV Documentation in the NFIP Policy section above). Lender will run the following calculation: