Section 360.603  Flood Plain Insurance

a)         The grantee (or the construction contractor, as appropriate) shall acquire any flood insurance made available to it under the National Flood Insurance Act of 1968, as amended, beginning with the period of construction, and maintain such insurance for the entire useful life of the project if the total value of insurable improvements is $10,000 or more.

b)         The amount of insurance required is the total project cost, excluding facilities which are uninsurable under the National Flood Insurance Program, such as bridges, dams, water and sewer lines, and underground structures, and excluding the cost of the land, or the maximum limit of coverage made available to the grantee under the National Flood Insurance Act, whichever is less.

c)         The required insurance premium for the period of construction is an allowable project cost.