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Statewide Property Insurance Program Overview

Statewide Property Insurance Program Overview. Michelle Tooley Senior Insurance Consultant State Office of Risk Management. Today’s Agenda. Purpose of Property Insurance Overview of SORM State-wide Property Insurance Program Insured Risks Risk Assessment for Natural Hazards ( CatNet )

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Statewide Property Insurance Program Overview

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  1. Statewide Property Insurance Program Overview Michelle Tooley Senior Insurance Consultant State Office of Risk Management
  2. Today’s Agenda Purpose of Property Insurance Overview of SORM State-wide Property Insurance Program Insured Risks Risk Assessment for Natural Hazards (CatNet) How to Obtain More Information
  3. Property Insurance Activity UNINSURED INSURED SELF-INSURED
  4. Purpose of Property Insurance Provides catastrophic protection Assume small risks Transfer large risks Aids in budget stability Large losses transferred to insurers
  5. Overview of SORM State-wide Property Insurance Program Designed to provide cost-effective rates and broad coverage to all agencies Economies of Scale Broadest policy terms available in market Stability Tailored specifically to risks faced by SORM Agencies
  6. Examples of Risks Insured by Property Program Fire Frozen Pipes & Water Damage Hail Flood Windstorm (tornado, hurricane) Terrorist Events Arson Accidental Breakdown of Equipment
  7. SORM Assistance with Risk Assessment SORM Maps All Agency Exposure Data Provides overview of natural hazards Hurricane Tornado Flood Hail Assists in Identifying Catastrophic Exposures Determines Geographic Concentration of Values
  8. How to Obtain More Information SORM’s Statewide Property Insurance Program page
  9. How to Obtain More Information Forms are provided on the page
  10. How to Obtain More Information Michelle Tooley SORM Senior Insurance Consultant michelle.tooley@sorm.state.tx.us (512) 936 – 2942 www.sorm.state.tx.us
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