State of Alaska

Department of Administration

Division of Risk Management

Alaska Department of Administration, Risk Management
Administration >  Risk Management >  General Information >  History

History

The risk management program was first started in 1972, after an independent audit report focused on the state's need for a coordinated and professionally managed insurance program. The Division of Risk Management was established in 1979 as growth created additional and more complicated insurance demands. With a present staff of six - Risk Management operates from the State Office Building in Juneau - serving a statewide constituency that includes all departments of the executive, legislative and judicial branches of state government; all state boards and commissions; their respective employees and members. The risk management program affects those who contract (purchase, professional service and lease agreements) with state agencies and to all Alaskans that claim the state is legally liable for their individual property damage or personal injury.

By effectively managing the state's property and liability exposures through a comprehensive self insurance program Risk Management expends less public funds than would be paid to private insurance companies at the same time providing streamlined claims services utilizing professional adjusting firms located throughout Alaska.

COVERAGE SELF-INSURED RETENTION LIMITS OF INSURANCE
     
PROPERTY - all risk owned/leased buildings incl. contents and museum fine arts replacement cost coverage $1,000,000 each loss $200,000,000
(EARTHQUAKE & FLOOD) 5% subject to min, $1,000,000 $50,000,000
     
BOILER & MACHINERY $50,000 $100,000,000
     
COMBINED LIABILITY (including general liability, auto, professional liability, medical malpractice, director & officers etc.) Self insured  
     
WORKERS' COMPENSATION Authorized Self Insured Employer Statutory Benefit
     
MARINE
Vessel Hull & Machinery
Marine P&I Legal Liabilities
Marine Pollution
 
$750,000
$500,000
$500,000
 
Declared Values
$500,000,000
     
FOREIGN LIABILITY Nil $1,000,000
     
AVIATION LIABILITY
Airports
Aircraft
 
$250,000
$250,000
 
$500,000,000 $25,000,000
     
EMPLOYEE FIDELITY BOND
incl. blanket faithful performance and statutory bond coverage
$500,000 $25,000,000

This list is not detailed and does not include all policies for special exposures, there are policy extensions and limitations not included in this statement, additional information concerning specific areas of coverage are available from Risk Management on request. The policies extend to cover all State Departments except those specifically excluded such as the Alaska Railroad and University of Alaska, who administer their own insurance program.