North Dakota Insurance Commissioner Adam Hamm announced recently that the State Fire and Tornado Fund will give a 35 percent premium credit to all of its policyholders for the new policy year effective July 1, 2008.
“The premium credit is a direct savings of $2 million to state and local governments that will alleviate some of the budgeting burdens of public entities,” Hamm said.
The State Fire and Tornado Fund is a state-run commercial property insurance program administered by the Insurance Department. The Fund provides building and contents coverage for the state and its political subdivisions (including cities, counties, townships and park and school districts) for fire, theft, weather damage and vandalism.
Hamm reminds policyholders and other property owners to update the values on their policies as changes are made and to keep an up-to-date inventory of all contents.
“In situations where the Fire and Tornado Fund is called to action, it is beneficial to the property owners as well as the Fund to have inventories and policy values that are up-to-date,” Hamm said.
The Fund currently insures 1,084 entities totaling more than $8.1 billion in coverage.