Properly Scheduled Property – And Why It Matters to Your Public Agency

The fun and excitement of buying new property is often tempered by the act of notifying the insurance company – that is often the painful part! Public entities are not immune to this pain, especially as insurance costs continue to rise. However, to assure appropriate Property coverage is in place, it is imperative that members of GSRMA keep their property schedules accurate and up to date.

What IS a Property Schedule?

By “property schedules” we don’t just mean vehicles – also think mobile equipment, new computer systems, owned or leased printers, fencing, and new construction. Making sure your District’s property is properly scheduled reduces the likelihood of coverage problems in the event a claim must be filed.

Below, we detail the required information for appropriately scheduled property, based on type:

  1. Vehicles:
  • Year
  • Make
  • Model
  • Vin
  • Value (Actual Cash Value)
  1. Mobile Equipment:
  • Year
  • Make
  • Model
  • Serial number
  • Value (Actual Cash Value)
  1. Buildings (includes all upright structures such as fencing, sheds, etc.):
  • Address
  • Year Built
  • Square Footage
  • Building Replacement Cost Value (structure only)
  • Personal Property Value (contents such as computers, desks, small equipment, etc.)

What Does This Look Like In Action?

We periodically receive claims for valuable assets that are not scheduled, such as fencing and certain buildings.. Here are a few real-world examples:

  • A fallen tree recently demolished a cemetery’s rock wall, causing immense stress and

uncovered repair costs.

  • Severe storms bringing flooding, hail, winds, and lightning strikes have caused problems such

as structural damage, roof leaks, and water damage to member buildings.

  • Vehicles crashing into fences is a recurring event that leads to costly repairs.

The Key Takeaways:

Please note, all property that is scheduled must be owned by the District, or the District must have a contractual requirement to cover the property for damage. If you have questions about scheduling property for your district, or the insurable interest for specific property, please contact our Member Services Department for assistance. We are here to assist you in properly scheduling your property to avoid any mishaps with potential future claims.