ND State Fire and Tornado Fund: Review Property Values and Schedules Today
Published: 8/30/21 (Mon)
Since the North Dakota Insurance Reserve Fund began administering the North Dakota State Fire and Tornado Fund (“NDFT”) in 2019, we have discovered many properties that are not adequately covered or are missing from a member’s property schedule.
Here are three recent examples:
- A vocational technical building built in 2018 was not listed on a school’s property schedule.
- An old school was torn down and replaced with a new school. The new school contained more than double the square footage of the old school; however, its coverage amounts had not been updated, leaving it inadequately covered.
- A park district had over 20 pieces of outdoor property that were not listed on its property schedule.
These examples demonstrate the devastating consequences that could occur in the event of a partial or total loss if NDFT property values and schedules are not regularly reviewed and verified.
We strongly encourage you to schedule a meeting with the NDFT member you service to review its property schedule, verify no property is missing from its schedule, and confirm all building specifications, including square footage, are correct.
If you have any questions regarding NDFT coverages, including how to review and update property schedules, please contact our Underwriting Department at NDFT@ndirf.com.
Looking Ahead! You will receive an email from us next week that contains a link to our 2021 NDFT Renewal Process survey. Please take a few minutes to provide your feedback regarding the renewal process in this eight-question survey.