All University-owned property and equipment is insured worldwide under an All-Risk Property insurance policy. Property that is leased may be insured under this policy if so required under the lease agreement. No personal property is insured under this policy.
In the Event of a Loss (damage or theft)
- The Office of Risk Management & Insurance is responsible for adjusting claims resulting from loss or damage to University owned or leased property. The Office is responsible for seeking reimbursement from third parties who may be responsible for the damage.
- Incidents involving loss or damage to University owned or leased property are to be reported immediately. Failure to report a loss in a timely manner may result in claim denial.
- Reimbursement for property loss or damage will be subject to a deductible. The affected department will be responsible for the first $5,000 per occurrence. These claims are adjusted per the terms and conditions of the University’s property insurance policy.
- The affected department is responsible for mitigating property loss. This includes protecting property from further damage and seeking professional assessment/repair of property prior to claiming replacement costs.
- The Office of Risk Management and Insurance recommends risk control measures to prevent property loss. A department’s failure to adopt such measures may result in the denial of payment of property claims.
- If damaged or stolen equipment is not repaired or replaced, claims or subsequent reimbursement will not be processed.
- In the event of theft, immediately report the theft to the University Police.