Flood Insurance on Condos

When does flood insurance become the responsiblity of the Condo Association? If an association has been formed but the complex is still under construction with no units occupied should the builders policy be sufficient or is insurance required by the association? Is there a cap on the amount of required insurance on a condo other than $250M per unit assumming 80% replacemant cost is greater than $250M?

The association has no legal responsibility to obtain flood insurance, only a fiduciary one. You may want to read the Mandatory Purchase guidelines beginning on page 40.