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Miscellaneous Property

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STATE OF FLORIDA

MISCELLANEOUS PROPERTY INSURANCE PROGRAM

PROVIDED BY: FIREMAN’S FUND INSURANCE COMPANY

This insurance is purchased and administered by the Department of Management Services, Division of State Purchasing. The outline of coverage shown below is provided as an overview; please refer to the insurance policy for specific information. All questions relating to this policy should be directed to State Purchasing at (850) 487-0417 or Suncom 277-0417.

DESCRIPTION OF ELIGIBLE PROPERTY:

Including but not limited to:

  • Museum Collections
  • Theatrical Equipment and Props
  • Other similarly unique items

DESCRIPTION OF COVERAGE:

Broad Form Perils – this policy insures against risk of direct physical loss or damage to the insured property unless the loss or damage is excluded.

Common Exclusions:

  • Earthquake
  • Flood
  • Water which back up through sewers or drains
  • Water below the surface of the ground
  • War risk and governmental action
  • Nuclear reaction

LIMIT OF INSURANCE:

  • $2,500,000 for any one covered location
  • $100,000 for any one item (greater limits are subject to underwriter approval)
  • $100,000 in-transit

DEDUCTIBLE:

  • $100 per occurrence for each covered loss less than $2,500
  • $500 per occurrence for each covered loss $2,500 or greater

VALUATION:

In the event of a loss, the policy will pay the least of the following:

  • Actual Cash Value
  • The cost to reasonably restore the property to its condition immediately before the loss.
  • The cost of replacing the property with substantially identical property.

RATE:

Annual Rate: $0.28 per $100 of the insured value

MONTHLY REPORTING CONDITIONS:

Accurate records of all items covered under this policy, complete with their corresponding values, must be maintained by each participant, and a report must be submitted to State Purchasing on or before the eighth day of each month. The monthly report will account for the values insured during the prior 28-31 days. A reporting form may be downloaded below.

Each participant’s premium will be adjusted at the end of each policy period by applying 1/12th the annual rate to each of its monthly reported values, and then subtracting the sum of the twelve monthly amounts from the deposit premium.

At all reasonable times during the life of this policy and for twelve (12) months after its expiration or termination, the insurance company is permitted to examine each Insured’s books, records, and such policies of insurance as relate to the Insured’s business. The furnishing of any statement of premium base by the Insured or payment of premium and its acceptance by the insurance company shall not constitute a waiver of the insurance company’s rights to such examinations, or rights to any additional premium which may have been earned.

Insurance Application .doc (msword 44.50 kB)
Insurance Claim Form (pdf 110.83 kB)
Miscellaneous Property Insurance Reporting Form (pdf 81.85 kB)
Miscellaneous Property Insurance Policy Tutorial (vnd.ms-powerpoint 412.00 kB)
Miscellaneous Property Insurance Example (vnd.ms-excel 42.50 kB)
Certificate of Insurance Request Form (pdf 60.88 kB)