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severe repetitive loss structure

Defined in 2 places of the United States Code.

The term “severe repetitive loss structure” has the meaning given the term in section 4104c(h) of this title.

Source

  • 2020–present42 U.S.C. § 5135The Public Health and Welfare · Grants to entities for establishment of hazard mitigation revolving loan funds · in this section

The term “severe repetitive loss structure” means a structure that—

(A) is covered under a contract for flood insurance made available under this chapter; and

(B) has incurred flood-related damage—

(i) for which 4 or more separate claims payments have been made under flood insurance coverage under this chapter, with the amount of each such claim exceeding $5,000, and with the cumulative amount of such claims payments exceeding $20,000; or

(ii) for which at least 2 separate claims payments have been made under such coverage, with the cumulative amount of such claims exceeding the value of the insured structure.

Source