New Mexico § 13-5-3 Public property; local public bodies; insurance; reserves for

New Mexico Statutes

§ 13-5-3 — Public property; local public bodies; insurance; reserves for

New Mexico § 13-5-3

Ch. 13Public Purchases and Property

Art. 5Insurance on Public Buildings

This text of New Mexico § 13-5-3 (Public property; local public bodies; insurance; reserves for) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 13-5-3 (2026).

Text

losses. A. Local public bodies shall purchase insurance for public buildings under their control against loss or damage by fire, windstorm, hail, smoke, explosion, riot or civil commotion in an amount not less than eighty percent of the replacement cost or actual cash value of the building. B. Local public bodies may purchase insurance, establish reserves or provide a combination of insurance and reserves to:

(1)repair or replace their buildings if damaged by any peril other than a peril set forth in Subsection A of this section;

(2)repair or replace any personal property which is destroyed or damaged by any peril; or (3) replace any personal property which is stolen. C. Any insurance purchased pursuant to Subsections A and B of this section may be purchased with such deductible provisio

Free access — add to your briefcase to read the full text and ask questions with AI

losses. A. Local public bodies shall purchase insurance for public buildings under their control against loss or damage by fire, windstorm, hail, smoke, explosion, riot or civil commotion in an amount not less than eighty percent of the replacement cost or actual cash value of the building. B. Local public bodies may purchase insurance, establish reserves or provide a combination of insurance and reserves to: (1) repair or replace their buildings if damaged by any peril other than a peril set forth in Subsection A of this section; (2) repair or replace any personal property which is destroyed or damaged by any peril; or (3) replace any personal property which is stolen. C. Any insurance purchased pursuant to Subsections A and B of this section may be purchased with such deductible provisions as may be deemed desirable. D. For purposes of this section, "local public body" means all political subdivisions of the state and their agencies, instrumentalities and institutions.