The Importance of the Property Schedule Information
Keeping your organization’s insured property schedule up to date is very important as the information in the schedule affects your annual premiums and future claims. A regular and thorough review prior to insurance renewal can help ensure the information is current.
Your review should compare your schedule to your current list of assets to make sure newly acquired buildings have been added and any buildings you no longer own have been removed. Insurance policies typically provide automatic coverage only for a specific time period – until October 31 for RMA Insurance – and any loss incurred beyond that time would not be covered. Alternatively, failing to remove buildings you no longer own could result in premium costs that could have been avoided.
Next, your review should note the occupancy of your buildings, as this affects the premium your organization is charged. If a building is repurposed and sees a significant drop in occupancy – for example, if the building is transitioned from a high-traffic facility to a storage area – your premium may be much higher than it needs to be. Additionally, if a building becoming vacant without your insurer being informed, coverage could be automatically reduced or removed, potentially affecting a future claim. Providing your insurer with this information can reduce the risk of this happening.
Finally, your review should confirm status information for each building you own. Addresses for each building should be up-to-date to enable smooth claims processing. Note any buildings that have been renovated or expanded with an addition and update any rental income information for each property, as these details can affect how the building is rated and the insured limit. Your organization’s coverage only pays to the limit specified – any loss beyond the limit will be left to the building owner to find funding.
An annual or semi-annual review and update of your organization’s property schedule will help ensure your properties are adequately covered and any claims can be resolved quickly.
For any questions or more information please contact our risk management team!