The Risk Management & Tort Defense Division (RMTD) and consultants conduct appraisals of select buildings to establish accurate estimates of values. Appraisals typically include an estimated value for the structure and the standard contents of a building. Agencies are responsible to submit values for special contents, fine art, boilers and machinery, and other assets located at a building location in accordance with the instructions provided through the state Property/Casualty Insurance Information System (PCIIS).
RMTD periodically appraises buildings with estimated replacement cost values exceeding $1,000,000. Buildings with estimated replacement cost values exceeding $1,000,000 that an agency designates as "historic" through PCIIS are also appraised. Buildings valued at less than $1,000,000 may be added to the division's appraisal schedule as resources permit. Agencies are responsible for reviewing and updating values of all assets reported through PCIIS as necessary but no less than once each fiscal year.
Contact our loss prevention staff for additional information.