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Risk management seeks property-value analyst after audits find over-insurance and demolished buildings still on rolls
Summary
The Department of Administration requested a property-value analyst to audit state-owned property values after staff found buildings listed for insurance that were demolished or misvalued; early appraisals removed roughly $500 million in overvalued property and produced an estimated annual premium savings.
Department of Administration risk and insurance staff told the Joint Finance–Appropriations Committee they need an additional position to audit and correct the state’s property valuations after finding agencies had entered inaccurate or outdated replacement values.
Faith Knowlton, administrator for the department’s insurance division, said the division currently has one analyst responsible for an $11 billion portfolio of state property and more than 8,500 vehicles. “It would be possible for our staff of 1 to be able to manage what the agencies…
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