Residential Condominium Building Association Policy (RCBAP) - A version of the Standard Flood Insurance Policy (SFIP) purchased by a condominium owner's association in order to insure a condominium building. Coverage includes both the portions of the building under common ownership and individually-owned units, and the premium is typically paid out of condominium dues. Loss settlement under the RCBAP is on a replacement cost basis, meaning that the RCBAP is not subject to a deduction for depreciation. However, it should be insured to full Replacement Cost Value (RCV), or up to the maximum available limits of $250,000 per unit times the number of units, whichever is less. Buildings that are not insured to at least 80% of their replacement cost, or the maximum amount of insurance available for that building under the NFIP, at the time of loss, would be subject to a co-insurance penalty. See also Dwelling Form and General Property Form.