502.05

Terrorism Insurance

Requirements

You must ensure:

  • each PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). has terrorism insurance for property damage/casualty and liability exposures;
  • exceptions are only made to professional liability insurance where terrorism coverage is not required;
  • the coverage is at least 100% of the Insurable ValueInsurable ValueFor any Property, the estimate of the maximum dollar amount needed to replace, repair, or reproduce the Property, but excluding any land value. attributed only to the ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC). ; and
  • for business income insurance, the deductible does not exceed:
    • when expressed as a number of days, 15 days; or
    • when expressed as a dollar amount, $100,000.