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Risk Management

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State Property Fire Insurance Fund - Overview

Property insurance for buildings, structures and business personal property owned by the State of North Carolina is provided through the State Property Fire Insurance Fund (the Fund). All property is required to have coverage for losses caused by Fire and Lightning. However, an agency or university may choose to insure property under its control for other types of property losses.

The General Property Coverage Policy is the Fund’s basic policy and is used to provide insurance against losses caused by Fire and Lightning, Extended Coverage, Vandalism, Sprinkler Leakage and Theft. However, the agency or university is covered only for those named perils for which the agency or university has paid a premium and for which the named peril is indicated in the Declarations.

If coverage is purchased on a Broad Form basis, coverage for all of the perils listed in the basic General Property Coverage Policy is included in addition to damage caused by falling objects; weight of snow, ice or sleet; water damage; collapse; and glass breakage, subject to any limitations in the form. The Broad Form exclusions take the place of the exclusions in the General Property Coverage Policy. However, any other conditions in the General Property Coverage Policy still apply.

If coverage is purchased on an "All Risk" basis, property is covered for risks of direct physical loss unless the loss is excluded or limited by one of the indicated “All Risk” Exclusion forms. These "All Risk" exclusions take the place of the exclusions in the General Property Coverage Policy. However, any other conditions in the General Property Coverage Policy still apply.