June 11, 2010-Fargo Forum

ND agencies getting break on building insurance

By: Associated Press, INFORUM

BISMARCK — North Dakota’s state and local government agencies will be getting a break on their building insurance.

The state’s Fire and Tornado Fund covers damage to government buildings.

Insurance Commissioner Adam Hamm says the agencies will get a 50 percent credit on their insurance bills, starting July 1. Hamm says that will save local governments about $3.2 million.

Hamm says the fund has a minimum balance of $12 million. In April it had more than $27 million in assets.

Hamm says the fund has had good investment returns this year. Last year when the stock and bond markets were down, the fund didn’t give a credit on its premiums.