ADDING/REMOVING PROPERTY AND/OR VEHICLES
All of the information regarding adding/removing property and/or vehicles to your schedules can be emailed to Anita Folckemer at email@example.com or faxed to (207) 626-2968. Once received, all information will be sent to Alliant Insurance to update your vehicle and property schedules.
When adding or removing vehicles from your schedule the following information must be provided to MSMA:
– Year, Make, and Model
– Replacement Value
– Vehicle Identification Number (VIN)
– Seating Capacity
MSMA Property & Casualty Trust’s Property Program provides for replacement value coverage in the event of a loss and is a property insurance term that refers to one of the two primary valuation methods for establishing the value of insured property for purposes of determining the amount the insurer will pay in the event of loss.
Replacement Value is usually defined in the policy as the cost to replace the damaged property with materials of like kind and quality, without any deduction for depreciation.
Replacement Value differs from Actual Cash Value which is typically calculated one of three ways:
(1) the cost to repair or replace the damaged property, minus depreciation;
(2) the damaged property’s “fair market value”; or
(3) using the “broad evidence rule,” which calls for considering all relevant evidence of the value of the damaged property.
In the course of construction of a new school building, please complete the “NEW School Building Information” course of construction questionnaire below and return to MSMA Property & Casualty Trust at firstname.lastname@example.org.
When selling or turning a building over to an entity, please provide the Trust the following information. Information can be emailed to email@example.com:
– Name of the building
– Address, City, State, and Zip
– Date of the Sale
– A copy of the board minutes approving the sale
If you are closing a school building and need to remove the property from your schedule, please fill out the Closing School Building Information Form below and email to firstname.lastname@example.org.