26.1-22-09. Buildings reported to office - Replacement cost appraisal

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.