The state's property insurance program in the Division of Risk Management protects the state against property losses that would require the unexpected use of state operating capital. The program provides state agencies with coverage for property damage due to perils such as windstorm, sinkhole, flood, and fire.
The division pools state agency resources to pay for an expected level of property loss claims (self-insured retention) and purchases excess insurance coverage to cover unexpectedly large claims, such as claims for hurricane damage. The division recently has increased the amount of state self-insured retention so that the state could pay less for purchasing excess insurance policies.
When property loss occurs, state agencies pay for the cost of repair or replacement and apply for reimbursement from the division. In the past two fiscal years, the most frequent types of claims paid were for lightning and windstorm damage.

The State's Risk Management Program Could Be Authorized to Do More to Protect Florida's Assets
Report 04-49 July 2004

Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.