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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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Presentation Transcript
orm s property program
ORM’s Property Program
  • ORM’s responsibility
    • R.S. 39:1535
  • Purpose of property insurance
    • Buildings
    • Contents
property policy exclusions
Property Policy Exclusions
  • Personal property of employees, students, and others
  • Examples:
    • Employee laptop
    • Student camera
property policy exclusions1
Property Policy Exclusions
  • Trees, plants, shrubs, and other landscaping
  • Examples:
    • Trees stolen
    • Wind destroys flower beds
property policy exclusions2
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
property policy exclusions3
Property Policy Exclusions
  • Foundations, property below ground
  • Examples:
    • Parking lots/sidewalks
    • Building foundation and pipes below ground
    • Water pump components below ground
property policy exclusions4
Property Policy Exclusions
  • Power Surge
  • Example:
    • Power surge damages computer equipment
property policy exclusions5
Property Policy Exclusions
  • Mysterious Disappearance
  • Examples:
    • Property lost in the water and unrecoverable
    • Property in transit doesn’t arrive
property policy exclusions6
Property Policy Exclusions
  • Wear and tear, deterioration, rust, etc.
  • Examples:
    • Equipment not properly maintained
    • Roof with holes
property exposure report
Property Exposure Report
  • Importance
    • Scheduled policy
    • No coverage if not reported
    • Coverage limited to stated values
    • Premium calculation
property exposure report1
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
property exposure report2
Property Exposure Report
  • Covered Walkway
    • YES = included in replacement cost
    • Updated by LPO during appraisal
property exposure report3
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
property exposure report4
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
property exposure report5
Property Exposure Report
  • Other new contents fields
    • Medical Equipment
    • Mobile Equipment
valuation
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
property help
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