Although Risk Management (RM) provides self-insurance to cover most of state’s risks, we also purchase additional coverage. We buy property, liability, out of state workers’ compensation and bonds. All this is done through our Broker of Record.
There are many policies purchased to cover the State of Oregon for our various activities. Many cover all state agencies. However, RM also buys outside policies for your unique risks. Do you have a unique risk that could cause harm to others or yourself? Do you want to transfer the risk to a commercial insurer? Although you would pay for the commercial insurance, transferring the risk to an insurance company could keep risk charges down. Do you have a need to have a higher limit than our self-insurance provides?
Remember that commercial insurance is subject to market changes. At times the coverage is not available. At other times it is too expensive. At all times it takes several weeks to months to obtain coverage. Here’s what you can do:
- Work with your agency Risk Coordinator to do a Risk Analysis. That will help you decide if you need coverage and what type.
- Contact RM as far in advance as possible. In the current market it is taking at the least 60 to 120 days to place most coverages.
- Commercial insurance does not relieve you of the responsibility to plan and implement safety and risk control practices.
INSURANCE COVERAGE SUMMARYS
The Insurance Summaries listed below are only brief highlights of the coverage. For actual terms, conditions and a complete list of exclusions, you must refer to the policy.
Aircraft Hull & Liability - Combined single limit of $30,000,000.0Purchased for agencies that have pilots who fly on state business. Allowing your pilots to fly on state business is an agency management decision. To be eligible for the Aircraft Hull & Liability coverage, you must agree to comply with the Aircraft and Pilot Standards 125-7-301. Your pilot must adhere to the minimum qualifications. Each year just prior to renewal, pilots will receive a pilot qualification form. The form must be completed. We will verify that your pilots are qualified.
Boiler & Machinery - Policy limit of $100,000,000. Deductible $100,000 Combined. 24-hour waiting period.
Crime Policy Primary and Excess - Primary policy limit of $10,000,000 except where noted. Deductible of $350,000 for all losses except $10,000 for designated agents. Excess
Earthquake & Flood Excess - Policy limits of $75,000,000 excess $400,000,00 (underlying property) Deductible $4,000,000 flood per occurrence and $4,000,000 earthquake per occurrence.
Fire Fighting Expense - Policy limit of $25,000,000 per occurrence and in the annual aggregate excess of $50,000,000 per occurrence in the annual aggregate.
Foreign Package - General liability policy limit of $1,000,000 each occurrence with $2,000,000. Auto policy limit of $1,000,000 combined single limit. AD&D coverage of $50,000 per person covered with $1,500,000 aggregate limit.
Property Excess - Policy limit of $50,000 primary; $50,000,000 excess $50,000,000; $300,000,000 excess $100,000,000; $350,000,000 excess $50,000,000. Deductible of $1,500,000 per occurrence; $4,000,000 flood per occurrence; and $4,000,000 earthquake per occurrence.
Special Event Liability Primary and Excess - Primary policy limit of #3,000,000 for general aggregate and products/completed operations aggregate; $1,000,000 for personal & advertising injury each occurrence; $100,000 for damage to premises rented by you - any one premise. Excess policy limit of $2,000,000 aggregate limit, each occurrence.
Terrorism - Policy limit of $400,000,000 per occurrence and annual aggregate. Deductible of $100,000 per each occurrence.
Vessel Pollution Liability - Policy limit of $50,000,000 for sections A & B; Section C limit of $1,000,000; and Section H limit of $100,000.
We have state employees and agents who handle public funds. To protect the state against financial loss in the rare event of a dishonesty act, we provide a bond. RM self-insures the first $350,000 of a dishonesty loss. But we do purchase additional coverage with a limit of $20,000,000.
State agencies do business all over the world and all over the United States. We buy WC and Employers Liability insurance for your out of country employees and any third country or local nationals you may hire. Many times we hire someone from another state to work on a special project. Or, we might send our own people out of state to work for a limited amount of time.
Typically, if you hire a resident of another state to work in their home state, we must purchase workers’ compensation insurance in that state. When a state employee travels to another state to attend a meeting or conference, our Oregon workers’ compensation coverage provided by SAIF would follow. However, if we send someone to work outside of Oregon on a temporary basis, longer than a few weeks, some states require we buy local coverage.
This is very complex coverage. Each state has it’s own workers’ compensation laws. To be certain your employee has coverage, contact us well in advance of hiring someone to work out of state or re-assigning your Oregon worker. We will research the laws of the other state to be certain we have appropriate coverage, are not violating any laws or be hit as a non-complying employer.