Risk Finance Program
Risk Management was originally established in 1977 under RCW 43.19.1935-36, with legislative expansion of those functions in 1989. The former Office of Risk Management was part of the Department of General Administration.
On July 1, 2002 the Office of Risk Management became the Risk Management Division and was transferred to the Office of Financial Management. RCW 43.41.300 reflects the change and outlines general functions of the Risk Management Division. Overall risk management policies and guidelines governing tort claim management, loss control, and the loss prevention review team program appear in 43.41.310 through 43.41.380 and 4.92.The following describes the services and activities of the Risk Finance Program.
Services
- Administrates the state's Self Insurance Liability Program, including development of funding and cost allocation plans for the Liability Account
- In coordination with other Risk Management Division programs, provides consultative services to state agencies in the areas of claims management, insurance administration, loss prevention, and risk financing
- Purchases commercial property and casualty insurance and surety bonding as appropriate
- In coordination with the loss prevention program, assists state agencies and provides training in applying appropriate loss prevention techniques to identify and better manage risk exposures
- In coordination with the loss prevention program, develops and implements statewide policies and programs designed to identify, evaluate, and avoid or reduce major exposures
- Utilizes and supports the Risk Management Advisory Committee (through the Risk Finance Sub-Committee) to provide high level participation in formulating policies and direction for Washington State's risk management programs
Activities
- Purchases commercial insurance as appropriate and allocates cost to appropriate state agencies
- Issues certificates of self-insurance
- Prepares indemnification and insurance guidelines and reviews "hold harmless" clauses in contracts
- Acts as broker of record with the Department of Labor and Industries for the state's Small Group Retrospective Rating Program
- Provides direct assistance to smaller state agencies if needed
- Advises agencies on ways to reduce or eliminate tort claim costs
- Conducts special studies and research projects
Additional Links
- About the Self-Insurance Liability Program
- FAQs
- FORMS:
- Commercial Insurance Policies
- Commercial Insurance Claim Reporting Procedures
- About the Purchase of Notary Bonds for State Agencies
- Contracts: Transferring & Financing Risk Manual
- Summary of Coverages
- Risk Finance Sub-committee
- Personal Service Contracts
- Additonal Contracting Resources
For questions about services, programs, or initiatives related to the Self-insurance Liability Program, Washington State's commercial insurance program, including the Master Property policy, Contract Risk Avoidance, and more, contact Claudia Schmitz, Coverage Administrator (360) 902-7306 or email claudia.schmitz@ofm.wa.gov.
