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FIRE AND EXTENDED COVERAGE, FLOOD AND RENTAL VALUE INSURANCE 

Losses to building and contents owned by the state, or required under the terms of an existing lease, are covered for the perils of fire, extended coverage, and flood through the Florida Fire Insurance Trust Fund administered by the Division of Risk Management. 

Coverage

Losses caused by the following perils are covered: Fire, lightning ,building debris removal, windstorm, hail, explosion, riot, riot attending a strike, civil commotion, aircraft, vehicles, smoke and flood. 

Premium Basis

Premiums are based initially under standard insurance rating formulas. Adjustments are made based on actual loss experience under the self-insurance program. Invoice for premiums will be submitted at the beginning of each fiscal period with each policy. This invoice will be due and payable upon receipt. Any changes or additions to the policy will be reflected in the next fiscal year’s premium. 

Acquisition of Coverage

Coverage is obtained by submitting a written request to EH&S who will in turn notify the Division of Risk Management.   

Notification Required: New items for coverage - use application forms which will be supplied by the Fund to EH&S upon request. 

Under emergency conditions, temporary coverage for a period not to exceed thirty (30) days, will be provided upon receipt of notification in any form oral or written. 

ELIGIBILITY REQUIREMENTS:

Must be state owned or required under terms of an existing lease. 

1. Buildings - $500 minimum actual cash value. 
2. Contents - $500 minimum actual cash value (do not include value of accounts, bills, currency, deeds, evidences of debt, money, security, bullion, manuscripts, or any of the properties excluded by Florida Statutes. 
3. Mobile homes which meet the above requirements will be insured. 

INSURANCE VALUE - BUILDINGS 

Should be insured for the actual cash value (replacement cost, including the cost of the architectural and engineering fees, less the cost of depreciation). The cost of excavation, foundations and that portion which is below the under surface of the lowest floor or basement may be excluded. Values are be periodically reviewed and adjusted as renovations occur, new buildings are brought on line or contents change. 

INSURANCE VALUE - CONTENTS

Insured value should equal the actual cash value. Values of items not required to be inventoried should also be included. 

CHANGE IN VALUE:

All existing coverages will be automatically renewed by the Department of Insurance at the end of each fiscal year unless notification for change is received. 

Buildings and contents values should be reviewed periodically and when a substantial (10% or more) change is noted, a request for change in the amount of insurance coverage should be submitted to EH&S. 

Claims Processing Protect the property from further damage — use reasonable care as economically as possible. 

Notify EH&S - by telephone and in writing - Give pertinent information such as date, time, location, cause and amount of damage. 

Compile an inventory of contents: (1) List destroyed and damaged property, actual cash value and amount of loss claims. (2) List undamaged property, give cost and actual cash value. 

CO-INSURANCE CLAUSE:

The amount of claim paid will be determined by the relationship between the total actual cash value at the time of the loss and the value actually insured at that location. 

Example: Total value - $10,000; insurance carried - $5,000; amount of loss - $3,000; $5,000/$10,000 x $3,000 = $1,500 (this clause applies only to partial losses). 

Partial Losses on Buildings: will be adjusted on the basis of actual cash value (replacement cost less depreciation) at the time of loss but with application of the co-insurance clause if not insured to actual cash value. 

Partial Losses on Contents: Same as for buildings. 

Total Losses on Buildings: Insured value of building. 

Total Losses on Contents: Insured value of contents or actual cash value, whichever is smaller.