It should be noted that additional named insureds do not necessarily have all of the privileges and. obligations of the first named insured such as the obligation to pay premiums and the right to. cancel coverage and receive notice of cancellation.
Generally, physical damage to your building or personal property âdirectlyâ caused by a flood is covered by your. flood insurance policy. For example, damages caused by a sewer backup are covered if the backup is a direct result. of flooding.
NFIP Policy Forms. The Standard Flood Insurance Policy (SFIP), issued by the Federal Emergency Management Agency (FEMA), specifies the terms and conditions of the agreement of the insurance between FEMA as the Insurer and the Named Insureds. Dwelling Form.