Page:United States Statutes at Large Volume 91.djvu/1179

 PUBLIC LAW 95-128—OCT. 12, 1977

91 STAT. 1145

(b) Section 3(a)(4) of such Act is amended by striking out all 42 USC 4003. after "mortgages or mortgage loans" and inserting in lieu thereof the following: "but shall exclude assistance pursuant to the Disaster Relief Act of 1974 (other than assistance under such Act in connec- 42 USC 5121 tion with a flood);". note. FLOOD INSURANCE PROGRAM IMPROVEMENTS

SEC. 704. (a) Section 1306(b) of the National Flood Insurance Act of 1968 is amended by striking out paragraph (2) and inserting in lieu thereof the following: " (2) in the case of any residential property for which the risk premium rate is determined in accordance with the provisions of section 1307(a)(1), additional flood insurance in excess of the limits "Specified in clause (i) of subparagraph (A) of paragraph (1) shall be made available to every insured upon renewal and every applicant for insurance so as to enable such insured or applicant to receive coverage u p to an amount of $150,000 under the provisions of this clause; " (3) in the case of any residential property for which the risk premium rate is determined in accordance with the provisions of section 1 3 0 7 (a)(1), additional flood insurance in excess of the limits specified in clause (ii) of subparagraph (A) of paragraph (1) shall be made available to every insured upon renewal and every applicant for insurance so as to enable any such insured or applicant to receive coverage u p to an amount of $50,000 under the provisions of this clause; " (4) in the case of business property owned, leased, or operated by small business concerns for which the risk premium rate is determined in accordance with the provisions of section 1307 (a)(1), additional flood insurance in excess of the limits specified in s u b p a r g r a p h (B) of paragraph (1) shall be made available to every such owner, lessee, or operator in respect to any single structure, including any contents thereof, related to premises of small business occupants (as that term is defined by the Secretary), u p to an amount equal to (i) $250,000 plus (ii) $200,000 multiplied by the number of such occupants which coverage shall be allocated among such occupants (or among the occupant or occupants and the owner) in accordance with the regulations prescribed by the Secretary pursuant to such subparagraph (B), except that the aggregate liability for the structure itself may in no case exceed $250,000; " (5) any flood insurance coverage which may be made available in excess of the limits specified in subparagraph (A), (B), or (C) of paragraph (1). shall be based only on chargeable premium rates under section 1308 which are not less than the estimated premium rates under section 1 3 0 7 (a)(1), and the amount of such excess coverage shall not in any case exceed an amount equal to the applicable limit so specified (or allocated) under paragraph (1)(C), (2), (3), or (4), as applicable; and " (6) the flood insurance purchase requirements of section 102 of the Flood Disaster Protection Act of 1973 do not apply to the additional flood insurance limits made available in excess of twice the limits made available under paragraph (1).". (b) Section 1362 of such Act is amended— (1) by inserting " (a) " after " SEC. 1362."; (2) by striking out paragraph (3) and inserting in lieu thereof the following:

42 USC 4013.

42 USC 4014.

42 USC 4012a. 42 USC 4103. ^

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