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Committee hears request for property-value analyst after state found over-insured assets
Summary
Department of Administration requested an additional staff position in risk management to audit property values after finding some buildings insured after demolition and noting one analyst currently manages billions in insured property.
The Joint Finance Appropriations Committee was told the Department of Administration's risk and insurance program needs more staff to audit state property valuations after multiple instances of incorrect or outdated property entries were discovered.
Frances Lippett, legislative services analyst, described the Department of Administration's office of risk management and its retained risk fund and continuous appropriations. Senator Veil asked whether the state had paid insurance on buildings that no longer existed and whether refunds might be available.
Faith Knowlton, administrator for the…
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