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PROPERTY
A "Blanket
Property Insurance" program is provided against
all risks of direct physical loss or damage to State
property. The specific perils of fire, flood, wind,
hail, explosion, smoke, vehicle damage etc. are covered
under a combined program of commercial coverage and
self-insurance. The property insured under this program
includes all buildings and contents, materials and
supplies, and machinery and equipment of any agency
while located within the State of Maryland. Special
arrangements can be made for property located outside
of the State. Deductible is $1,000.00 per incident.
When a loss occurs a "REPORT OF INCIDENT INVOLVING
STATE BUILDING OR EQUIPMENT" must be prepared.
This form must be completed in as much detail
as is possible or necessary to describe exactly
what
occurred. The form must be signed by a member
of the Risk Management Division and filed with
the Claims
Unit-Insurance Division of the State Treasurer's
Office.
Coverage for damaged or destroyed property is on a "Replacement
Cost Basis". If a loss creates an emergency
or hardship which required immediate removal of debris,
emergency repairs or replacement of equipment to
mitigate the loss these emergency repairs will also
be covered as part of the claim. All procedures involved
in the repair or replacement of property will be
performed under the supervision of the Department
of Facilities Management. All invoices for material,
supplies, or for contractor's labor will be sent
to the Risk Management Division for submission to
the Claims Unit-Insurance Division for payment directly
to the vendor by the Treasurer's Office. Invoices
paid in error, by the agency, are not reimbursable.
EXCLUSIONS: Losses, by a State agency,
that are not covered included:
- Losses caused by normal wear and tear, deterioration,
rust or corrosion, mold, wet/dry rot, contamination,
inherent or latent defect, settling, cracking,
shrinkage, bulging or expansion of pavements
etc.
- Delay, loss of market, business interruption
or consequential loss of any nature.
- Theft or mysterious disappearance of State
property.
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