[Icoord] FY15 July Insurance Renewal Process

Tue Apr 1 08:47:24 MDT 2014

Hello,

It's that time of year again - to update your agency's RMIS data for the upcoming FY15 ( July 1, 2014 to July 1, 2015) insurance renewal process for Property, Inland Marine, Auto, and Employee Bond & Crime.

Please review the four attached applicable cover letters for additional Renewal Instructions.  You'll need to check your RMIS data and determine whether it is accurate as is, or needs to be modified.

Your agency's FY2014 Major Property values were moved forward into the FY2015 RMIS coverage screen and have been increased to reflect current replacement cost for FY2015 by applying the following annual inflation factors:

  *   2.5% to buildings
  *   1.75% to contents and stock/supplies.  Mobile equipment values were not inflated since they are reported as ACV "actual cash value".

Additionally, a few agencies request Business Interruption or Loss of Rents coverage.  If you are one of these agencies, please review the RMIS FY2015 data to determine if the figures are adequate or need to be updated.

Here are the dates you'll need to remember for updates to RMIS:

  1.  BOND & CRIME
a.       STARTING NOW - Enter your employee numbers (Class A & B)  into RMIS.  Be sure to select the FY2015 drop down on the Bond/Crime data input screen in RMIS.
b.      BEFORE JUNE 1
i.         Updates must be complete in RMIS by all agencies.
ii.       After your annual update, click "SEND TO RISK MANAGEMENT" button shown on the RMIS Bond & Crime input screen to conclude the renewal process.

  1.  MAJOR PROPERTY
a.       STARTING NOW - continue all data additions, deletions and/or modifications to major Property in RMIS. Be sure to select the FY2015 drop down on the Major Property data input screen.
b.      MAY 1 - Risk Management will generate a statewide property data report from RMIS and send to the insurance carrier to start the renewal process.  Risk Management requests all agencies to have the majority of their property value changes to be completed in RMIS by May 1.
c.       BEFORE JUNE 1 - All FINAL property data changes must be complete in RMIS by all agencies.  After your agency has finalized data values in RMIS, Click "SEND TO RISK MANAGEMENT" button shown on the RMIS Property input screen to conclude the renewal process.
d.      On JUNE 1 -Risk Management will generate a second statewide property data report from RMIS and send to the insurance carrier as final "true up" of all statewide values.  This second data report will be utilized to determine each agency's final  FY2015 property premium.

  1.  OPTIONAL AUTO PHYSICAL DAMAGE
a.       STARTING NOW - Make all additions, deletions and/or modifications to auto data in RMIS. Be sure to select the FY2015 drop down on the Major Auto data input screen.
b.      BEFORE JUNE 1
i.         All automobile data changes must be finalized by agencies in RMIS.
ii.       After your agency has finalized auto data changes in RMIS, Click "SEND TO RISK MANAGEMENT" button shown on the RMIS Auto input screen to conclude the renewal process.

  1.  OPTIONAL INLAND MARINE
a.       STARTING NOW - Make all data additions, deletions, and/or modifications to Inland Marine data in RMIS. Be sure to select the FY2015 drop down on the Inland marine data input screen.
b.      BEFORE JUNE 1
i.        All Inland Marine data changes must be finalized by agencies in RMIS.
ii.      After your agency has finalized Inland Marine changes in RMIS, Click "SEND TO RISK MANAGEMENT" button shown on the RMIS Inland Marine data input screen to conclude the renewal process.

  1.  If you are one of those agencies that do not participate in either the auto physical damage or inland marine programs, simply enter into each of the RMIS screens, click the Fiscal Year drop down selecting the  "2015 coverage year", then click the "GET ALL" button, then click the "NA" button and finally click the  "SEND TO RISK MANAGEMENT" button which concludes the process.

Please feel free to call me (332-1872) or Kristie Fields (332-1869) if you have questions.

We appreciate you taking the time to make sure your data is complete and timely.

Thank you!

Joan Compton, Risk Management Analyst
State of Idaho
Idaho Department of Administration
Risk Management Program
650 W. State Street, P.O. Box 83720
Boise, Idaho 83720-0079
208-332-1872
208-334-5315 Fax
joan.compton at adm.idaho.gov

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