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News from TAC
Property Appraisal Program Kicks Off
The Texas Association of Counties Risk Management Pool (TAC RMP) recently announced a new Property Appraisal Program to help ensure that properties of Pool members covered through TAC are insured at their full replacement cost. The Pool has contracted with CBIZ Valuation Group, LLC, to offer this beneficial new service to our members, beginning in July.
Periodic appraisals accurately determine what it would cost to rebuild or replace counties’ valuable property assets. An accurate valuation of structures and contents will prevent any unforeseen gaps in coverage, and prevent counties from overpaying for unnecessary coverage. Once re-appraised, counties will receive a copy of the appraisal, which the Pool is providing at no cost to members.
The Property Appraisal Program offers special benefits, including:
Assurance, that in the case of destruction of a county’s scheduled property, the county has adequate insurance coverage;
The choice to have treasured historic county courthouses and other historic buildings appraised for their reproduction-cost value;
Confidence that all participating member contributions are based on the same valuation method; and
More competitive reinsurance rates using the data that is gathered during the appraisal process (such as flood zones and building construction details).
During the next two to three years, professional appraisers from CBIZ will appraise property for all Pool members with property coverage. Counties will be contacted about a month before the appraisal process begins. After CBIZ appraises properties, members will be required to insure properties at the full appraisal value so that all Pool members pay a fair share of contribution based on the risk and exposures they present.
Officials or staff that have question are encouraged to contact TAC Program Administration Director Jim Jean at jimj@county.org or Property Underwriter Teresa Beaman at teresab@county.org or (800) 456-5974.
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