Okla. Admin. Code § 260:70-11-2
Current through Vol. 42, No. 8, January 2, 2025
Section 260:70-11-2 - Basic coverage for Property(a)Auto physical damage coverage. Auto physical damage coverage is available for additional premium to all state agencies or other covered entities. This coverage may be backed by commercial insurance or self-insured at the Risk Management Administor's discretion. Terms of the coverage will be specified in an annual statement of coverage issued by the Risk Management Administrator.(b)Perils covered. Perils covered will be specified in an annual statement of coverage issued by the Risk Management Administrator.(c)Amount payable for losses.(1) The amount payable for covered losses will be specified in an annual statement of coverage issued by the Risk Management.(2) The amount payable for any loss to property shall not exceed the lesser of the actual replacement cost or the reported value of the property.(3) The amount payable for any loss shall be reduced by the amount of any delinquent premiums or fees for coverage under the Risk Management Program.(d)Conditions under which coverage is provided.(1) The building and/or contents must have been reported to Risk Management in writing prior to the date the loss occurs.(2) For boiler explosion losses to be covered, boilers must have been reported to Risk Management and all inspections required by the Oklahoma Department of Labor must have been completed.(3) The loss must be reported to Risk Management within seven (7) days of learning of the occurrence of a loss. Failure to report a loss will result in denial of coverage. (A) The Agency shall give notice of any property loss incident to the Risk Management Department within seven (7) days of learning of the occurrence of such incident.(B) The Agency shall fill out and send to the Risk Management Department a "Standard Property Loss Notice " form or submit using the online form. This notice shall be submitted within seven (7) days from the date of first awareness of a loss and shall include but not be limited to the following information: (i) The time, date, and location of the loss(ii) The Agency/University Contact.(iii) A description of the property damage.(iv) A detailed description of the incident.(v) An estimate of the amount of damage.(4) Losses occurring due to the negligence of the insured or insured's contractor may result in no coverage being provided under the Risk Management property insurance program. In such case, Risk Management reserves the right to make a determination as to liability, extent of loss and amount which Risk Management may reimburse insured for the loss. It is the responsibility of the insured to determine whether contractors are adequately insured prior to any remodel, renovation or new construction. (5) Losses to buildings that completed the design/build phase after January 1, 2023 must comply with current building codes. Documentation substantiating inspections for all phases of construction must be provided. Buildings constructed after this date that do not meet these parameters may result in denial of coverage.(6) Other conditions under which coverage is provided will be specified in an annual statement of coverage issued by the Risk Management Administrator. Failure to comply with terms and conditions in 260:70-11-2(f) or in the annual statement of coverage may result in denial of coverage.(e)Questions and loss reporting. If there are any questions or to report a loss, contact the Risk Management Department.(f)Time Limit to Complete a Claim. A final claim along with all the requested supporting documentation must be submitted, reviewed and approved within two (2) years of the date of the incident. After two (2) years, if the repairs have not been completed and documentation provided, no additional funds may be available. Okla. Admin. Code § 260:70-11-2
Adopted by Oklahoma Register, Volume 31, Issue 24, September 2, 2014, eff. 9/12/2014Amended by Oklahoma Register, Volume 40, Issue 24, September 1, 2023, eff. 9/11/2023