The physical assets of a city or town consist of buildings, contents, vehicles and equipment. It is important to keep this inventory up to date and to communicate it to the insurance provider.
A new tool is now available to make this process easier.
The SC Municipal Insurance and Risk Financing Fund and the SC Municipal Insurance Trust recently launched an online portal to allow members to report assets in a timely, convenient way. The portal also gives members immediate access to reports and schedules to examine at their convenience.
"Although SCMIRF allows its members to wait until renewal time to report assets meeting certain values, we always encourage our members to report a new asset when they acquire it. This can help prevent missing the change at renewal," said Leigh Polhill, underwriting manager for the Municipal Association’s Risk Management Services.
She said part of the renewal process involves using the Association’s new portal or mailing schedules of assets to each member for review and allowing them to make revisions, additions or deletions as necessary.
"Doing so makes sure the asset is protected in the event of a covered loss," she said. "Keeping accurate exposure information on file also makes the SCMIRF and SCMIT programs more attractive to reinsurers and enables us to provide the best rates possible for the membership," Polhill said.
"The time a member spends providing asset information during the year and at renewal will not only benefit the member individually, but will also increase stability and strength for the entire membership."