State Labor and Regulation Secretary Pam Roberts announces the Division of Insurance today issued a bulletin requiring insurance coverage on property relocated in connection with the recent flooding in South Dakota. Additional details on who is affected can be found by viewing the bulletin.
�We cannot have millions of dollars in personal property and business inventory sitting without adequate insurance coverage,� said Secretary Roberts.
Under the terms of the bulletin, those policies that either do not cover or have reduced coverage for property removed from its primary premises must cover the property at the alternative locations until July 8, 2011.
�This gives property owners time to work with their agents and companies to provide more permanent insurance coverage for their personal property,� said Division of Insurance Director Merle Scheiber.
Consumers should contact their agents or insurance companies before July 8 to understand and update their coverage. The bulletin also relaxes the regulatory approval process for insurance companies who are providing additional coverage for relocated property.
For more information, contact the Division of Insurance at 445 E. Capitol Ave. Pierre, SD 57501 or 605-773-3563 or visit www.state.sd.us/insurance.