The University purchases a property insurance policy that includes coverage for University owned property (buildings and contents) in the event of insurable events such as fire, flood, vandalism, and theft. Property insurance provides coverage for sudden and accidental losses.
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.
The Insurance Office must be contacted to arrange insurance when:
- In-transit coverage needs to be arranged.
- Item(s) are on loan to the University and the University is under obligation to provide insurance coverage.
- University owned equipment is being taken outside the United States.
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.)