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Administration asks for property-value analyst after audits find over-insured assets
Summary
Department of Administration's insurance office requested a property valuation analyst to audit the state's insured building portfolio after finding agencies had entered incorrect or outdated replacement values, including buildings that had been demolished.
Department of Administration officials told the Joint Finance-Appropriations Committee they want additional staff to audit property values and reduce over-insurance in the state's insurance portfolio.
Faith Knowlton, administrator for the Division of Insurance within the Department of Administration, said the division currently has one analyst responsible for a very large portfolio: "over $11,000,000,000 in property" and more than 8,500 vehicles. She said the office has found multiple instances where agencies were paying insurance…
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