Value for which state property to be insured; annual certification; insuring of buildings, equipment, etc., used for school purposes, etc.; survey of public property; sale of items for which insured value paid after loss.
(a) All covered property shall be insured for no more than its replacement cost and shall be insured for no less than 80 percent of its actual cash value. Replacement cost coverage may be provided with an amount of insurance as agreed upon by the proper insuring authority and the risk manager based upon a written statement of values. Replacement cost shall be the cost to repair or replace property with comparable materials of like kind and quality by generally accepted construction methods or technology to serve the same function as the lost or damaged property. Actual cash value shall be replacement cost less depreciation. No payment for a loss shall exceed the limit of the policy.
(b) The officer or person having charge by law of insuring any public building, contents, machinery, and equipment shall annually certify to the Department of Finance the description and the value of all buildings, contents, machinery and equipment under his supervision or control on forms prescribed by the department for the purpose of showing the character of the risk and determining the rate of premium. No coverage shall be issued unless such certificate is on file in the office of the Department of Finance or the director has waived, in writing, the filing of the same.
(c) Buildings, contents, machinery and equipment owned by any county, city, or school district and used for school purposes or under control of a board of education may be insured under the provisions of this chapter.
(d) The Department of Finance may cause to be surveyed, annually, if practicable, all public property coming within the provisions of this chapter, and the officer or person in charge of the public property shall receive a copy of such report. A survey shall be an examination of property for physical discrepancies, construction characteristics, usage or occupancy.
(e) Notwithstanding any law to the contrary, the Department of Finance in adjusting a loss may, at its option, assume title, ownership and possession of any insured item, including building materials, fixtures, furniture, machinery and equipment, for which insured value has been paid, and may arrange for the salvage and sale thereof in whatever manner is deemed most advantageous to the State Insurance Fund, to which all sale proceeds shall be deposited. Alternatively, the Department of Finance may deduct the salvage value of the insured item from the payment to the owner of insurance proceeds arising from the loss of the insured item.
(Acts 1923, No. 593, p. 769; Code 1923, §8542; Acts 1936-37, Ex. Sess., No. 219, p. 260; Acts 1939, No. 112, p. 144; Code 1940, T. 28, §320; Acts 1949, No. 675, p. 1045, §3; Acts 1990, No. 90-569, p. 966, §4; Acts 1995, No. 95-521, p. 1056, §1.)
Value for which state property to be insured; annual certification; insuring of buildings, equipment, etc., used for school purposes, etc.; survey of public property; sale of items for which insured value paid after loss.
(a) All covered property shall be insured for no more than its replacement cost and shall be insured for no less than 80 percent of its actual cash value. Replacement cost coverage may be provided with an amount of insurance as agreed upon by the proper insuring authority and the risk manager based upon a written statement of values. Replacement cost shall be the cost to repair or replace property with comparable materials of like kind and quality by generally accepted construction methods or technology to serve the same function as the lost or damaged property. Actual cash value shall be replacement cost less depreciation. No payment for a loss shall exceed the limit of the policy.
(b) The officer or person having charge by law of insuring any public building, contents, machinery, and equipment shall annually certify to the Department of Finance the description and the value of all buildings, contents, machinery and equipment under his supervision or control on forms prescribed by the department for the purpose of showing the character of the risk and determining the rate of premium. No coverage shall be issued unless such certificate is on file in the office of the Department of Finance or the director has waived, in writing, the filing of the same.
(c) Buildings, contents, machinery and equipment owned by any county, city, or school district and used for school purposes or under control of a board of education may be insured under the provisions of this chapter.
(d) The Department of Finance may cause to be surveyed, annually, if practicable, all public property coming within the provisions of this chapter, and the officer or person in charge of the public property shall receive a copy of such report. A survey shall be an examination of property for physical discrepancies, construction characteristics, usage or occupancy.
(e) Notwithstanding any law to the contrary, the Department of Finance in adjusting a loss may, at its option, assume title, ownership and possession of any insured item, including building materials, fixtures, furniture, machinery and equipment, for which insured value has been paid, and may arrange for the salvage and sale thereof in whatever manner is deemed most advantageous to the State Insurance Fund, to which all sale proceeds shall be deposited. Alternatively, the Department of Finance may deduct the salvage value of the insured item from the payment to the owner of insurance proceeds arising from the loss of the insured item.
(Acts 1923, No. 593, p. 769; Code 1923, §8542; Acts 1936-37, Ex. Sess., No. 219, p. 260; Acts 1939, No. 112, p. 144; Code 1940, T. 28, §320; Acts 1949, No. 675, p. 1045, §3; Acts 1990, No. 90-569, p. 966, §4; Acts 1995, No. 95-521, p. 1056, §1.)
Value for which state property to be insured; annual certification; insuring of buildings, equipment, etc., used for school purposes, etc.; survey of public property; sale of items for which insured value paid after loss.
(a) All covered property shall be insured for no more than its replacement cost and shall be insured for no less than 80 percent of its actual cash value. Replacement cost coverage may be provided with an amount of insurance as agreed upon by the proper insuring authority and the risk manager based upon a written statement of values. Replacement cost shall be the cost to repair or replace property with comparable materials of like kind and quality by generally accepted construction methods or technology to serve the same function as the lost or damaged property. Actual cash value shall be replacement cost less depreciation. No payment for a loss shall exceed the limit of the policy.
(b) The officer or person having charge by law of insuring any public building, contents, machinery, and equipment shall annually certify to the Department of Finance the description and the value of all buildings, contents, machinery and equipment under his supervision or control on forms prescribed by the department for the purpose of showing the character of the risk and determining the rate of premium. No coverage shall be issued unless such certificate is on file in the office of the Department of Finance or the director has waived, in writing, the filing of the same.
(c) Buildings, contents, machinery and equipment owned by any county, city, or school district and used for school purposes or under control of a board of education may be insured under the provisions of this chapter.
(d) The Department of Finance may cause to be surveyed, annually, if practicable, all public property coming within the provisions of this chapter, and the officer or person in charge of the public property shall receive a copy of such report. A survey shall be an examination of property for physical discrepancies, construction characteristics, usage or occupancy.
(e) Notwithstanding any law to the contrary, the Department of Finance in adjusting a loss may, at its option, assume title, ownership and possession of any insured item, including building materials, fixtures, furniture, machinery and equipment, for which insured value has been paid, and may arrange for the salvage and sale thereof in whatever manner is deemed most advantageous to the State Insurance Fund, to which all sale proceeds shall be deposited. Alternatively, the Department of Finance may deduct the salvage value of the insured item from the payment to the owner of insurance proceeds arising from the loss of the insured item.
(Acts 1923, No. 593, p. 769; Code 1923, §8542; Acts 1936-37, Ex. Sess., No. 219, p. 260; Acts 1939, No. 112, p. 144; Code 1940, T. 28, §320; Acts 1949, No. 675, p. 1045, §3; Acts 1990, No. 90-569, p. 966, §4; Acts 1995, No. 95-521, p. 1056, §1.)
