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South Florida State College
Administrative Procedures

Procedure: 2070

Title: Insurance on Newly Completed Construction Projects

Based on Policy: 2.07 - Property

Office of Primary Responsibility: Vice President for Administrative Services/ Controller

  1. Purpose:

To establish guidelines and procedure for adding newly completed construction projects to the college schedules of property in order to provide timely and accurate fire and extended coverage insurance

  1. Procedure:
    1. In compliance with specifications, the college holds the insurance policies for the builder’s risk and for performance during and prior to the completion of any construction project.
    2. At the completion of the construction project, as certified by the project architect, and/or occupancy by the college, the college releases the builder’s risk policy.
    3. Upon acceptance of the project, the vice president for administrative services or designee informs the appropriate state offices and the Florida Risk Management Consortium that the project is complete and insurance needs to be extended to that project.

History: Last Revised: 3/20/12

Adopted: 5/17/1985

Reviewed: 12/15/04, 12/15/07

Revised: 8/1/89, 12/4/01, 3/20/12