[Icoord] FY2020 (July 1, 2019 to July 1, 2020) INSURANCE RENEWAL PROCESS (BOND/CRIME, MAJOR PROPERTY, OPTIONAL INLAND MARINE AND OPTIONAL AUTO PHYSICAL DAMAGE)

Tue Mar 19 16:05:48 MDT 2019

All Agency Insurance Coordinators,

It's time to start the July 1, 2019 insurance renewal process by updating/finalizing your agency's FY2020 insurance data in RMIS involving Major Property, Optional Inland Marine, Optional Auto Physical Damage and Employee Bond & Crime coverages.

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 FY2019 Major Property values were increased by Risk Management to reflect current replacement cost values for FY2020 and then copied into the FY2020 property screen in RMIS.  We applied the following annual inflation factors:

  *   1.57 percent to buildings
  *   1.33 percent  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 FY2020 data to determine if the figures are adequate or need to be updated for your applicable building locations.

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

  1.  BOND & CRIME

  1.  STARTING NOW:  Enter your employee numbers (Class A & B) into RMIS.  Be sure to select the FY2020 drop down on the Bond/Crime data input screen in RMIS.
  2.  BEFORE JUNE 1, 2019:
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

  1.  STARTING NOW:  Continue all data additions, deletions and/or modifications to major Property in RMIS. Be sure to select the FY2020 drop down on the Major Property data input screen.
  2.  MAY 1, 2019 - Risk Management will generate a statewide property data report from RMIS and send to the insurance carrier to start the initial renewal process.  Risk Management requests all agencies to have most of their property value changes completed in RMIS by May 1.
  3.  BEFORE JUNE 1, 2019:  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 screen to conclude the renewal process.
  4.  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.  The insurance carrier will then determine the final  FY2020 statewide property premium cost based on these final true up figures.

  1.  OPTIONAL AUTO PHYSICAL DAMAGE

  1.  STARTING NOW - Make all additions, deletions and/or modifications to auto data in RMIS. Be sure to select the FY2020 drop down on the Major Auto data input screen.
  2.  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 screen to conclude the renewal process.

  1.  OPTIONAL INLAND MARINE

  1.  STARTING NOW - Make all data additions, deletions, and/or modifications to Inland Marine data in RMIS. Be sure to select the FY2019 drop down on the Inland marine data input screen.
  2.  BEFORE JUNE 1
     *   All Inland Marine data changes must be finalized by agencies in RMIS.
     *   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 your agency does not participate in either the optional auto physical damage or inland marine programs, simply enter into each of the RMIS screens, click the Fiscal Year drop down selecting the "FY2019 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.

  1.  CYBER LIABILITY INSURANCE

  1.  A separate email will be sent to all agencies in the near future to collect the needed data for the FY2020 Cyber Liability insurance renewal.

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

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

Thank you!

Joan Compton, Risk Management Analyst
Dept. of Administration
Risk Management Program
650 W. State Street
Boise, Idaho 83720
208-332-1872
208-334-5315 - Fax
Work hours: 7:00am to 4:00pm

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