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Understanding Property Policy Changes and Exposure Reporting for ORM’s Property Program

This document outlines important changes to ORM's property program, detailing responsibilities, exclusions, and the purpose of property insurance. It covers various property types, including buildings and contents, and addresses key exclusions such as wear and tear, power surges, and mysterious disappearances. Additionally, it highlights the importance of exposure reporting and how it affects coverage and premium calculations. Updates regarding the appraisal process for buildings and objects, outdoor property valuation, and new fields are also discussed, ensuring compliance and proper reporting.

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Understanding Property Policy Changes and Exposure Reporting for ORM’s Property Program

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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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