§ 26.1-22-09 — Buildings reported to office - Replacement cost appraisal

1. In each odd-numbered year, or upon application for insurance, every state agency,
political subdivision, and winter show insured under the fund shall report to the office
the insurable value of each building, excluding buildings insured by private insurance
companies, and the value of the fixtures and permanent contents insured under the
fund, excluding fixtures and permanent contents insured by private insurance
companies. State agencies, political subdivisions, and winter shows shall report any
additional information required by the office to administer this chapter. The office shall
provide forms for reporting.
2. Once every six years, each state agency insured under the fund shall obtain a
replacement cost appraisal on all buildings, fixtures, and permanent contents under
the agency's custody which are insured under this chapter. The office shall determine
the manner of conducting the appraisal. Annually, except for any year an appraisal is
conducted, each state agency insured under the fund shall adjust the appraised value
as required by the office and the amount must be considered the replacement value. If
an appraisal results in a substantial premium increase the office determines may not
be paid through existing agency appropriations, the amount must be considered an
earned receivable of the fund, and the agency shall seek a deficiency or general
appropriation sufficient for payment during the next legislative session.