Major Property (Buildings & Contents) Coverage
All property
is covered on a replacement cost basis, unless the agency has specifically
declared the property at an actual cash value on the annual statement of
property values. Contents of the building should be included in the
replacement value section (chattel property such as office furniture and
equipment, computer equipment, and other property not permanently attached
to the buildings).
Deductible: $2,000 per occurrence, except
Earthquake and Flood; $5,000 Earthquake and Flood, and $500 per occurrence
Fine Arts. Complete the Property
Claim Form.
If you would like certain items to have a smaller deductible please report
those to Administrative Services.
How do I Report Newly Acquired Property?
When any LCSC department is nearing the
completion process regarding the acquisition, relocation or leasing
property, they need to notify the Administrative Services office. There are
specific insurance reporting requirements to which the LCSC must comply.
LCSC must report and include all its properties on LCSC's Statement of
Property Values in order for LCSC to be properly insured for property loss
exposures.
A building can be defines as "a roofed and
walled structure build for permanent use". A structure can be defined as
"something made up of interdependent parts in a definite pattern of
organization". This could be anything from storage shed to a Radio/T.V.
transmitter tower.
The Administrative Services is responsible
for reporting all LCSC property locations to our State Insurance
Administrator, the Office of Insurance Management (OIM). This reporting process
needs to be completed as soon as possible, but no later than thirty (30)
days after LCSC acquires, moves or leases a building property. Coverage
does not start until LCSC reports the property to OIM.
If the property is a new LCSC building
property, leased or owned, please e-mail
Administrative Services.
Notify Adminstrative Services with any new building contents as well,
including but not limited to,
chattel property such as new office furniture and equipment, computer equipment,
and other property not permanently attached to the buildings. Mobile
equipment should be listed as contents (non-motorized equipment not licensed
for highway use).
Any questions about property insurance should be directed to
Theresa Chrisman,
Administrative Services, at (208) 792-2240 or via
email
|
