Question

The Residential Condominium Building Association Policy (RCBAP) is used for residential condominium building associations to cover the entire building under one policy. Which of the following statements about RCBAP is true?

1. It covers individual condominium units separately.
2. It is not applicable to residential buildings.
3. It provides coverage for the entire building under one policy.
4. It excludes coverage for common areas.

Answer 1

The Residential Condominium Building Association Policy (RCBAP) provides coverage for the entire building under one policy.

Step-by-step explanation:

The correct statement about the Residential Condominium Building Association Policy (RCBAP) is that it provides coverage for the entire building under one policy. RCBAP is specifically designed for residential condominium building associations to insure the entire building, including both individual units and common areas, under a single policy.