A Group Flood Insurance Policy (GFIP) is a policy covering all individuals named by a State as recipients under Sec. 411 of the Stafford Act (42 U.S.C. 5178) of an Individual and Family Grant (IFG) program award for flood damage as a result of a major disaster declaration by the President. (2) The premium for the GFIP, initially, is a flat fee of $200 per policyholder. Thereafter, the premium may be adjusted to reflect NFIP loss experience and any adjustment of benefits under the IFG program. (3) The amount of coverage will equal the maximum grant amount established under Sec. 411 of the Stafford Act (42 U.S.C. 5178). (4) The term of the GFIP will be 37 months and will begin 60 days from the date of the disaster declaration. (5) Coverage for individual grantees begins on the thirtieth day after the NFIP receives the required data for individual grantees and their premium payments. (6) A Certificate of Flood Insurance will be sent to each individual insured under the GFIP (g) The GFIP is the Standard Flood Insurance Policy Dwelling Form (a copy of which is included in Appendix A(1) of this part), except that: (1) The GFIP provides coverage for losses caused by land subsidence, sewer backup, or seepage of water without regard to the requirement in paragraph B.3. of Article 3 that the structure be insured to 80 percent of its replacement cost or the maximum amount of insurance available under the NFIP. (FEMA, Group Flood Insurance Policy-Final Rule, March 24, 2006)