The Building Officer shall notify an applicant in writing that a variance from the requirements of chapter 7 of this title that would lessen the degree of protection to a building will:
A. Premium Increase: Result in increased premium rates for flood insurance up to amounts as high as twenty five dollars ($25.00) for one hundred dollars ($100.00) of insurance coverage; and
B. Life, Property Risks: Increase the risks to life and property; and
C. Acknowledgement In Writing: Require that the applicant proceed with knowledge of these risks and that the applicant will acknowledge in writing that he assumes the risk and liability.
(1987 Code § 8-11.3)