Property Schedules, like many facets of insurance, are an important, though often overlooked, component of an insurance policy. Property schedules are the insurance company’s record of all items an entity owns and wants insured. Property schedules include things such as: structures (including fencing), personal property, automobiles, heavy equipment, machinery, computers, electronics, and more. Items are documented with the values assigned and then in the event of a covered loss the member agency would be reimbursed, less the applicable deductible.

The recent wildfires have caused a concerted effort on GSRMA’s part of verifying and updating our member agencies’ property schedules. GSRMA has experienced some significant losses due to these natural disasters, with our member agencies realizing they had substantial property that was undocumented and unscheduled. Historically, GSRMA has been lenient with regards to these kinds of unscheduled losses, but in recent years our excess carriers have become much more strict on what they will cover, due in part to the hardening markets and the increased frequency of loss due to natural disaster.

With this goal in mind, we have begun the process of reaching out to our members to ensure that their property schedules are as accurate as possible. With over 300 members, this will be a lengthy process, but a worthwhile one. We see it as an opportunity to ensure our members’ property schedules are up to date, while also educating our members on the importance of letting GSRMA know when they purchase items that need to be scheduled.

Should you have any questions on your current schedule, or wish to review it with your Account Manager, please don’t hesitate to reach out to our Member Services Department.