6.4.2 Insure Equipment and/or Building Contents

Policy Statement

The university purchases commercial property insurance on university buildings and contents. They are insured on a replacement cost basis, subject to a very high deductible. Policy terms, conditions, and exclusions apply. Insured values are reviewed annually with the insurance carrier.

Because the university’s policy deductible is so high units may want to purchase insurance to decrease, or "buy down" the deductible amount. The insurance premium, as well as the deductible, is charged to the unit sustaining the loss.

Procedure

To insure equipment and/or building contents:

1. Determine what your insurance needs are.
2. Consult with the Office of Risk Management.
3. Submit a written request for coverage so the Office of Risk Management can obtain a quote or develop a bid. Include the C-FOAP number to be charged for the premium.

Last Updated: October 11, 2021 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2010