Hot Topic: Fiscal Year 2025 Property Insurance Timeline
All space allocations in FMI must be updated by Friday, March 29.
This is a follow-up from our January 2024 Business Connections Presentation. IRM will run the FMI space allocation report in FMI on Monday (4/1/24), and begin the premium allocation process for the 2024 Property Renewal. Once we run the FMI report, any further space allocation changes will not be reflected on this renewal.
We are sending this reminder to make sure all business officers are aware of the deadline. All other Property Insurance correspondence will go through the Major Division Finance Leads. After we get through the first run through of the premium allocation process we will send out a sample invoice to Major Division Finance Leads.
We are going to do our best to stick to the following timeline this year.
- 3/29/24 – Divisions must update their departments’ space allocation in FMI
- 5/20/24 – IRM will send out a sample invoice
- 6/3/24 – Divisions will review sample invoice
- 7/1/24 – IRM will finalize property renewal with NC DOI and send final invoice to the Major Division Finance Leads
- 8/1/24 – IRM will bill the property renewal
If your department leases space, moved locations, demolished a building, added a new building, finished major renovations, or purchased new high valued equipment please reach out to IRM so we can make sure your NC State owned property is properly insured.
Here are some additional resources: