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Reports

  • Insurance Policy Types
Insurance Evaluation of State-owned Facilities
Authorization of Insurance Procurement
Review Contract Insurance Specifications

 

Insurance Evaluation of State-owned Facilities
State facilities are systematically evaluated to ensure that the proper level of insurance coverage is provided. Newly constructed buildings are insured at the actual construction contract cost. Building purchases are insured based on the real estate evaluation reports with adjustments to fill any gaps between market value and replacement value. Any additions or value-added renovations to existing facilities, require the submission of T-100 Property Reports, autocad or perimeter drawings, and photos. All agencies are required to review their entire property schedules semi-annually, and report all necessary changes. Other methods, which have been used to develop proper insurance values, include cost evaluation software (such as Marshall & Swift), facility comparisons, some on-site inspections, and construction cost inflationary adjustments.

Authorization of Insurance Procurement
Some types of insurance may not fall under the State's Property/Casualty Program. The State Board of Claims must approve the purchase of individual insurance policies prior to obtaining such policies. Agencies should contact the Department of Treasury, Division of Risk Management (Steve Gregory @ 615-741-1009), 120 days prior to the inception date of the required policy.

Review Contract Insurance Specifications
Risk Management is available to review insurance clauses within various contracts to analyze the coverages and ensure that all State requirements are achieved.