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Property Policy and Exposure Reporting Changes

Property Policy and Exposure Reporting Changes. ORM’s Property Program. ORM’s responsibility R.S. 39:1535 Purpose of property insurance Buildings Contents. Property Policy Exclusions . Personal property of employees, students, and others Examples: Employee laptop Student camera.

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Property Policy and Exposure Reporting Changes

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  1. Property Policy and Exposure Reporting Changes

  2. ORM’s Property Program • ORM’s responsibility • R.S. 39:1535 • Purpose of property insurance • Buildings • Contents

  3. Property Policy Exclusions • Personal property of employees, students, and others • Examples: • Employee laptop • Student camera

  4. Property Policy Exclusions • Trees, plants, shrubs, and other landscaping • Examples: • Trees stolen • Wind destroys flower beds

  5. Property Policy Exclusions • Street lights, street signs, traffic signs/lights, parking lot lights, guardrails, barriers, attenuators • Examples: • Wind knocks down street signs • Vehicle takes out parking lot lights

  6. Property Policy Exclusions • Foundations, property below ground • Examples: • Parking lots/sidewalks • Building foundation and pipes below ground • Water pump components below ground

  7. Property Policy Exclusions • Power Surge • Example: • Power surge damages computer equipment

  8. Property Policy Exclusions • Mysterious Disappearance • Examples: • Property lost in the water and unrecoverable • Property in transit doesn’t arrive

  9. Property Policy Exclusions • Wear and tear, deterioration, rust, etc. • Examples: • Equipment not properly maintained • Roof with holes

  10. Property Exposure Report • Importance • Scheduled policy • No coverage if not reported • Coverage limited to stated values • Premium calculation

  11. Property Exposure Report • Building vs. Object • Buildings • Appraised by LPO • Paid at replacement cost • Objects • Not appraised by LPO • Value updated by agency • Paid at ACV

  12. Property Exposure Report • Covered Walkway • YES = included in replacement cost • Updated by LPO during appraisal

  13. Property Exposure Report • State Owned vs. Non-State Owned Contents • No longer separated • Report total of both • Flood Contents • General Contents Flood • Other Contents Flood • No longer reported

  14. Property Exposure Report • Outdoor Property • No longer appraised as part of building • Treated as contents • Paid at ACV • New fields • Fences • Signs • Other Outdoor Property

  15. Property Exposure Report • Other new contents fields • Medical Equipment • Mobile Equipment

  16. Valuation • Replacement Cost • Buildings • Actual Cash Value (ACV) • Contents/Objects • Depreciated from today’s replacement cost • Rate depends on type of item • Agreed Value • Fine Arts

  17. Property Help • Exposure Reporting Manual and UND Reporting Forms: http://doa.louisiana.gov/orm/uwexpman.htm • Property Contact: Amanda Stein amanda.stein@la.gov (225) 342-8469

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