Extract to table

A new policy must be procured

• Excess Flood Coverage: The existing excess flood coverage through Bayfront Specialty must be confirmed as to current limits and deductibles, and will likely need to be increased to satisfy PAC's requirements

The policy must include an agreed amount endorsement or equivalent waiver of coinsurance, such that no coinsurance penalty will be applied in the event of a partial loss

PAC's requirements for windstorm coverage are as follows: • Separate Coverage: If windstorm or named storm perils are excluded from the all-risk property policy (as is common in coastal Florida), separate windstorm or named storm coverage must be maintained

• Named Storm Sub-Limit: The named storm sub-limit must equal or exceed the greater of (i) the outstanding principal balance of the Loan ($160,000,000) and (ii) the full replacement cost of the improvements

• Insurer Requirements: The excess flood carrier must be rated no less than A-VII by AM Best (or equivalent rating by S&P or Moody's)