April 2, 1996
INSURANCE INFORMATION NOTICE 96-4
Blanket Property Exposure Report
On semi-annual basis all state agencies are required to report current property exposure values to the Office of Risk Management. There has been some confusion regarding what information should be reported under the "Business Income" category of the property exposure report.
Your agency should report the total amount of charges, tuition, fees and other receipts derived from sources and activities, "NOT PUBLIC FUNDS" for service, sales and events that would be lost in the event your agency would not be able to provide those services, sales and events, less the direct cost of those operations. Employee payroll/salaries should not be included under the business income category.
Examples of income are hospital charges, rental receipts, tuition, revenue and receipts from educational seminars or workshops, entertainment and athletic events.
If you have any questions in this matter, please contact Ms. Valerie Byrd at (504) 342-8470.