As used in this chapter: 1. "Fund" means the state fire and tornado fund. 2. "Indirect loss" means a loss in income or the additional expenses incurred because of a property loss. 3. "International peace garden" means an entity located upon the international boundary line between the United States and Canada used and maintained as a memorial to commemorate the long-existing relationship of peace and good will between the people and the governments of the United States and Canada and to further international peace among the nations of the world. 4. "North Dakota insurance reserve fund" means the public risk pool established under section 26.1-23.1-01 regardless of any name change or dissolution and reincorporation if the risk pool continues to provide coverage to a majority of eligible political subdivisions in the state. 5. "Office" means the office of management and budget. 6. "Permanent contents" refers only to such public property, either owned or leased, usually kept or used in or about public buildings insured in the fund, and to all public personal property usually kept or used in or about all buildings used for public purposes, or within one hundred feet [30.48 meters] of all such buildings, or while on sidewalks, streets, alleys, yards, detached platforms, and in or on railway cars. The term includes similar property owned by an international peace garden or a winter show. The term does not include automobiles, trucks, tractors, road machinery, or similar property used principally outside such buildings. 7. "Political subdivision" means a county, township, park district, school district, city, or any other unit of local government which is created either by statute or by the Constitution of North Dakota for local government or other public purposes. 8. "Replacement cost" is the cost to replace a building or its permanent contents with a similar structure of like materials or a similar product at current prices. 9. "State agency" means a state board, bureau, commission, department, agency, industry, or institution and the international peace garden. 10. "Winter show" means an agricultural exhibition sponsored each year in March by a nonprofit corporation.
26.1-22-02. State fire and tornado fund - Office of management and budget - Continuing appropriation. 1. There is created in the state treasury the state fire and tornado fund to insure state agencies, political subdivisions, and winter shows against direct and indirect losses under this chapter. The fund consists of all assessments, interest, investment earnings, and other income collected under this chapter. 2. The office shall manage the fund. The office may use any information on file in the state fire marshal program and may delegate responsibilities according to a contract for administrative services from the North Dakota insurance reserve fund or another entity to assist with the management of the fund. A contract for administrative services must have a two-year term ending on June thirtieth of odd-numbered years, and the contract may not be terminated except at the end of the two-year term. If either party does not anticipate renewing the contract for another two-year term, notice must be given by September thirtieth of the even-numbered year during the two-year term. 3. Moneys in the fund are appropriated to the office on a continuing basis for paying claims against the fund for losses, including loss adjustment expenses; contracting for services under subsection 2; paying loss prevention inspection and rating inspection expenses to determine the proper assessment rates for property insured by the fund; and paying reinsurance expenses under section 26.1-22-21.