Insurance

Property Insurance

Property Insurance

The University purchases a property insurance policy that includes coverage for University-owned property (buildings, contents, equipment, boats, etc.) in the event of insurable events such as fire, flood, vandalism, and theft. Property insurance provides coverage for sudden and accidental losses.

Insurance Reimbursement Program

The Insurance Reimbursement Program for theft or property damage claims is subject to a $5,000 per incident departmental deductible for the replacement of like kind and quality items. The difference for any upgrade will be the sole responsibility of the department. 

Claims

All claims must be reported via the Department Property Claim Form, immediately to ensure coverage, but no later than 90 days from initial date of loss. Once your claim is received, you will receive an acknowledgement, claim number and further detailed instructions. 

Also, in order to keep our accounting of losses in the correct fiscal year, all documentation for claim reimbursement needs to be submitted within 90 days of the date that you reported the claim, but no later than June 30 for fiscal year-end. Consideration to extend the reimbursement deadline will be given beyond the following fiscal year only due to extenuating circumstances. 

Department Property Claim Form

Required Notificiations

The Insurance Office Must be Contacted When:

  1. In-transit coverage needs to be arranged.
  2. Item(s) are on loan to the University and the University is under obligation to provide insurance coverage.
  3. University owned equipment is being taken outside the United States.

In-Transit Coverage

There is a $5,000 deductible charged to your department if item(s) are damaged during transit. You should consider purchasing in-transit coverage provided by the carrier, but be aware of the limitation of coverage (e.g. $0.60 per pound may not cover the total value of your item.)