Hamm announces $3.2 million premium credit to state and local governments
Posted on 6/11/2010
BISMARCK, N.D.-Insurance Commissioner Adam Hamm announced today that the State Fire and Tornado Fund will give a 50 percent premium credit to all of its policyholders for the new policy year effective July 1, 2010. This is the third premium credit issued to policyholders in four years.
"This premium credit provides approximately $3.2 million in direct savings to state and local governments that will alleviate some of the budgeting burdens of public entities," Hamm said.
The State Fire and Tornado Fund is a state-run commercial property insurance program administered by the Insurance Department. The Fund provides building and contents coverage for the state and its political subdivisions (including cities, counties, townships and park and school districts) for fire, theft, weather damage and vandalism.
Hamm reminds policyholders and other property owners to update the values on their policies as changes are made and to keep an up-to-date inventory of all contents.
"Both property owners and the Fund benefit from up-to-date inventories and policy values in situations where the Fund is called to action," Hamm said.
The Fund currently insures 1,088 entities totaling more than $9.6 billion in coverage. For more information, visit www.nd.gov/ndins.