The OSBIE Property Change Form is to be used to report all changes to the board’s property portfolio, such as acquisitions or sales or leases of board properties. Change in status such as a building becoming vacant should also be reported.
Section 9.20 Reporting Requirement, outlines the requirements and timeframes around reporting.
9.20 REPORTING REQUIREMENT – BUILDINGS NEWLY ACQUIRED OR UNDER CONSTRUCTION
It is the duty of the Insured to report to the Insurer within 90 days of acquisition or the beginning of construction:
- any newly acquired building having a value in excess of $100,000;
- any structure or building in the course of construction and any addition to the exterior of an existing building or structure when the completed building, structure or addition will have a value completed of more than $100,000
Each time a change is reported it is recorded in our data base, and a new property schedule is sent to the board confirming the change. This Property Schedule is sent to the board each year in May to ask the board to confirm the sites to be insured and the square footages. Good reporting during the year should result in an accurate list, with very little change required for our annual confirmation exercise.
The information requested on side two of the Property Change Form is requested from all boards for all sites to be insured. Completion of side two of the Change Form is only required when there is a change to the building structure, like an addition.
Under a fleet automobile policy, any NEWLY-ACQUIRED AUTOMOBILE, unless insured under another policy, is considered an insured vehicle if it replaces an existing vehicle or is an addition to the fleet of vehicles insured under the OSBIE policy.
Two main conditions to be met for this automatic extension of coverage to take effect are:
- The Insured must have acquired the vehicle (i.e. taken delivery or ownership).
- The Insured must notify the Insurer (OSBIE) within 14 days of the vehicle acquisition date.
To make Property and Auto Changes on you Boards Policy please contact the office at 519 767 2182