This risk sharing All-Risk Property Program covers the member's buildings, building contents, and vehicles parked on the member's premises. The coverage limit is primarily the scheduled Total Insured Values (TIV) of the members' property; however, there are sub-limits for certain exposures. In most cases, the coverage provides replacement cost without reduction for depreciation. The VCJPA Pooled Property Program provides coverage from the members' deductible of $500 to the Public Entity Property Insurance Program (PEPIP) deductible of $10,000; PEPIP provides coverage in excess of $10,000 up to $1,000,000,000. The PEPIP portion of the program also provides coverage for the sudden and accidental breakdown of Boiler & Machinery equipment.

The pool was funded with $80,000 from the Property Contingency Fund. These funds combined with interest earnings have been sufficient to fund the pool for seventeen years. Both the pooled coverage ($500 - $10,000) and the purchased coverage ($10,000 - $1,000,000,000) are accounted for within this program. Beginning with the 1998/1999 program year, the Board of Directors decided to use interest earned on the Property Contingency Fund to reduce the annual out of pocket cost of the Property Program premium to members.

The graph below outlines the various levels of coverage provided through the VCJPA Pooled Property Program.