26.1-22 State Fire and Tornado Fund
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<![CDATA[CHAPTER 26.1-22STATE FIRE AND TORNADO FUND26.1-22-01. Definitions. In this chapter, unless the context otherwise requires:1."Fund" means the state fire and tornado fund.2."Indirect loss" means a loss in income or the additional expenses incurred because<br>of a property loss.3."International peace garden" means an entity located upon the international<br>boundary line between the United States and Canada used and maintained as a<br>memorial to commemorate the long-existing relationship of peace and good will<br>between the people and the governments of the United States and Canada and to<br>further international peace among the nations of the world.4."Permanent contents" refers only to such public property, either owned or leased,<br>usually kept or used in or about public buildings insured in the fund, and to all public<br>personal property usually kept or used in or about all buildings used for public<br>purposes, or within one hundred feet [30.48 meters] of all such buildings, or while on<br>sidewalks, streets, alleys, yards, detached platforms, and in or on railway cars. The<br>term includes similar property owned by an international peace garden or a winter<br>show. The term does not include automobiles, trucks, tractors, road machinery, or<br>similar property used principally outside such buildings.5."Political subdivision" means all counties, townships, park districts, school districts,<br>cities, and any other units of local government which are created either by statute or<br>by the Constitution of North Dakota for local government or other public purposes.6."Replacement cost" is the cost to replace a building or its permanent contents with a<br>similar structure of like materials or a similar product at current prices.7."Winter show" means an agricultural exhibition sponsored each year in March by a<br>nonprofit corporation.26.1-22-02.State fire and tornado fund under management of commissioner -Purpose of fund. The commissioner shall manage the fund. The fund must be maintained as a<br>fund to insure the various state industries, the various political subdivisions, any international<br>peace garden, and any winter show against loss to the public buildings, or buildings owned by an<br>international peace garden or a winter show, and fixtures and permanent contents therein, and<br>against indirect loss, through fire, lightning, inherent explosion, windstorm, cyclone, tornado and<br>hail, explosion, riot attending a strike, aircraft, smoke, and vehicles. At the option of the insured,<br>the fund may insure against other risks of direct physical loss and indirect loss from those risks.<br>All moneys collected under this chapter must be paid into the fund for use only for the purposes<br>provided for in this chapter.26.1-22-02.1.Insurance against indirect losses.The commissioner shall provide,upon request of an entity insured with the fund, coverage by the fund for an indirect loss incurred<br>because of a loss arising out of a peril insured against by the fund.26.1-22-03. Employment of assistants - Expenditures from fund. To carry out thischapter, the commissioner may utilize any information on file in the state fire marshal's<br>department and any of the employees of the commissioner and the commissioner may employ<br>necessary assistants and incur necessary expenses. All expenditures made for these purposes<br>must remain within the limits of legislative appropriations and must be paid out of the fund upon<br>warrants prepared by the office of management and budget drawn upon the state treasurer after<br>the approval of vouchers by the office of the budget.Page No. 126.1-22-04. Investment of fund. Investment of the fund is under the supervision of thestate investment board in accordance with chapter 21-10.26.1-22-05.Public, international peace garden, and winter show buildingsinsurable in fund. The public buildings and fixtures and permanent contents therein belonging<br>to the state, the various state industries except the state mill and elevator association if the<br>association exercises the option provided in section 26.1-22-10, and the political subdivisions<br>must, and the buildings and fixtures and the permanent contents therein belonging to an<br>international peace garden or a winter show may, be insured under this chapter. No officer or<br>agent of the state or of any political subdivision, and no person having charge of any public<br>buildings belonging to the state, any state industry, or any political subdivision, may pay out any<br>public moneys or funds on account of any insurance against loss by fire, lightning, inherent<br>explosion, windstorm, cyclone, tornado and hail, explosion, riot attending a strike, aircraft, smoke,<br>vehicles, or any other risks of direct physical loss, or contract in any manner for, or incur any<br>indebtedness against, the state or any political subdivision on account of any such insurance<br>upon any of the buildings or fixtures and permanent contents therein belonging to the state or<br>any political subdivision, except in the manner provided in this chapter.26.1-22-06.Commissioner to adopt guidelines on insurable values.Thecommissioner shall adopt guidelines to be used by state agencies, departments, offices, officers,<br>boards, commissions, international peace gardens, and winter shows for the purpose of<br>determining insurable values of state-owned property and property belonging to an international<br>peace garden or a winter show for insurance coverage as authorized by law. The commissioner<br>shall adopt guidelines in determining insurable values to assist state agencies and institutions<br>andpoliticalsubdivisionsindeterminingwhethertoselectindirectlosscoverage.Notwithstanding any other provision of this chapter, the expenses for necessary loss prevention<br>inspections and rating inspections for the purpose of determining the proper premium rate to be<br>applied to the property insured by the fund must be paid out of the fund.26.1-22-06.1. Replacement cost appraisal required on state-owned property. Onceevery six years each state agency and institution shall obtain from the fund a replacement cost<br>appraisal on all buildings and fixtures and permanent contents under its control. The fund shall<br>determine the manner of conducting the appraisal. Annually, except for any year an appraisal is<br>conducted, the agency or institution shall adjust the appraisal amount in the manner authorized<br>by the fund.26.1-22-07.Certain property of state and of Bank of North Dakota excepted.Repealed by S.L. 1989, ch. 357, </p>
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