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State Property

Insurance Coverage Provided

Florida Statute Chapter 284, Part I, requires the Division of Risk Management to self-insure all state owned buildings and contents through the State Risk Management Trust Fund (the “Fund”). All State of Florida agencies insure their buildings and contents through the Fund. The Fund assesses state agencies an annual premium, provides coverage for reported locations, and pays claims for property losses due to covered perils.

Covered perils for which coverage is provided include the following.

  • Fire
  • Lightning
  • Explosion
  • Windstorm,
  • Hail
  • Smoke
  • Aircraft or vehicles
  • Riot or civil commotion
  • Sinkhole collapse
  • Flood

In addition to insuring state owned buildings and contents, the policy provides coverage for:

  • Loss of rental income when the coverage is required by bonding or revenue certificates or resolution.  This type of coverage is usually for residential dorms.
  • Leases – When leasing space not owned by UF, the University Office of Real Estate will review the property lease agreement and have the lessor complete the Insurance Request Form in order to insure any university owned contents located in the non-owned building. In accordance with Florida Statute 284 all contents owned by State of Florida agencies must have insurance coverage under the State Risk Management Trust Fund.

Limit of Insurance

Our coverage pays actual cash value for a loss which is (cost of repairs or replacement less depreciation). There is a $2,500 deductible per occurrence (except flood). The provisions of our coverage are contained in the Certificate of Property Coverage, Certificate of Rental Value Coverage, and the NFIP Standard Flood Insurance Policy.

Property Claims

The Division of Risk Management has the responsibility of investigating, evaluating, negotiating, and settling covered property claims. These functions are performed by in-house staff with assistance from contracted adjusters and appraisers.

In Event of a Loss

University departments will contact the Insurance Coordinator in writing explaining what damages incurred to the building and/or to their assets and how the damages were incurred.

In the event of a loss occurring as a result of a covered peril, the Department must immediately comply with the following:

  • If emergency, call 911 and if on campus the University Police will respond.
  • If non-emergency, call 392-1591 to report incident.
  • As economically possible, protect the property from further damage using reasonable care.
  • * Take as many pictures of the damages as possible prior to any repairs and store on a CD- ROM or equivalent electronic media storage device.
  • If wind and/or flood damage occur, losses will be handled separately and expenses should be kept separate.
  • *Keep a log of all repairs performed, including the costs of the repairs, work orders, purchase orders, invoices for services, etc.

Deductible

$2,500 per occurrence for losses except for flood

Payment based on ACV (cost of repairs or replacement less depreciation)

Request Coverage

To obtain coverage, the following steps must be completed by the Facilities Project Manager or other responsible party.

  1. The Insurance Coordinator must be notified when a new or renovated building reaches substantial completion, a building is scheduled for demolition, or the University takes possession of an existing building.
  2. For newly constructed buildings and buildings that have been substantially renovated, the Building Code Administrator must also provide a Certificate of Occupancy.
  3. With the exception of a building that is to be demolished, an electronic Building Insurance Request Form must be completed and submitted by the Project Manager. Please note, the Building Insurance Request Form must be completed in its entirety and can only contain one building or structure per form.
  4. Pictures of the exterior (front, sides and rear) of the new or renovated building must also be submitted.
  5. Upon receipt of this information, the Insurance Coordinator will secure coverage for the building.

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