New Facilities to Add to Your Property Policy?

  • Author | Heather Sturtz
  • 1/11/2024 6:30 am

Many of Public Entity Partners’ members make frequent changes to their properties and facilities. From improving existing structures to beautifying a park, building a new fire station or acquiring a new facility, making informed decisions on which locations you have insured for property coverage is an important risk management responsibility.

During the process of completing a project or closing out a construction contract, obtaining or updating property insurance is not the first thing that comes to mind. We understand this and offer a 60-day reporting period under the Newly Acquired Property automatic coverage for our members with property coverage.

Each member has an automatic limit up to their total insured value or $1.5 million, whichever is less, where no premium is charged until your next renewal. If the new property is not reported within the 60-day window, the automatic coverage does not apply.

We encourage you to carefully review your property schedule each year and speak with your department directors about what items need to be on your property schedule. Our member service team can also assist you in reviewing your schedule.