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Additional Information

 

  • Insurance Policy Types

 

Property Insurance
All State-owned buildings and contents are provided all-risk, replacement cost coverage through a comprehensive program consisting of an internal service fund, called the Risk Management Fund, and the procurement of commercial insurance policies from private insurance companies. The Risk Management Fund is the mechanism used to fund the large annual aggregate deductibles (currently $5 million for flood and earthquake; separate $5 million for all other perils) required by the insurance carrier. It is the insurance company’s responsibility to assume payment of losses if the aggregate deductibles are exceeded during the annual term of the policy.
Property Insurance Schedule
Risk Management maintains a comprehensive insurance schedule (inventory listing) of all State-owned buildings and contents, as well as leased locations housing State-owned contents. Each agency, department, and institution is required to update its property report(s) semiannually, in April and September. Instructions for property reporting are e-mailed to all State entities prior to the reporting process. To provide the required information, each entity will access the appropriate report(s) by clicking on the "Property Insurance Report Search" button, located on the Risk Management home page. If assistance is needed to determine property division code(s), a complete menu of codes is provided by clicking on the directive which reads "If you are unsure of your division code, click here". This is located just below the "Division Code" entry line.
Builders' Risk Insurance
Policies are issued for all State construction projects approved by the State Building Commission. All-risk coverage is provided during the course of construction for new buildings and additions/renovations to existing buildings.
Boiler Insurance & Inspections
All State boiler objects are provided jurisdictional inspections and insurance coverage through a private insurance company.
Fine Arts Insurance
Art objects owned by the State, or objects on loan to the State, are provided wall-to-wall coverage under the State’s Fine Arts Policy. There is no deductible under this policy, with the exception of earthquake and flood coverages, which carry a $10,000 deductible per occurrence.
Aircraft Insurance
Hull and liability insurance coverage is provided for the State's aircraft. This insurance is provided by a group of insurance carriers specializing in this type of coverage.