Property insurance may be required by a lease agreement, a provision of funding for a grant, or by another entity that loans equipment to the University. In other cases, departments simply do not have the budgetary means to easily replace vital pieces of equipment should they suffer a loss. To alleviate these concerns, it is recommended that departments consider purchasing Systemwide Equipment Insurance for certain equipment. There are deductibles associated with the insurance. Therefore, please ensure the replacement value of the equipment exceeds the cost of the deductible before deciding to purchase the insurance. The department is responsible for having funds available for deductible and insurance premium payments.
The Equipment policy provides worldwide coverage, including, but not limited to: coverage while in transit, mechanical breakdown coverage, and coverage for property while it is loaned to others. The policy pays for direct physical loss or damage to scheduled items caused by or resulting from a peril not otherwise excluded under the policy. The list of equipment types that can be covered under the policy includes, but is not limited to: audio/visual equipment, computer equipment, copy machines, medical equipment, scientific equipment, and telephone equipment.
The policy also includes coverage during over-ocean cargo shipments.
The following premium rates apply:
- Equipment used indoors: $0.50 per $100 value
- Equipment used outdoors: $1.07 per $100 value
- Calculation for premium rate: ((Value of equipment/$100) * $0.50 or $1.07). If equipment is added or deleted during the policy term, the rate will be prorated for the number of months covered under the policy.
The following deductibles apply to the program:
- $ 2,500 per Occurrence, EXCEPT:
- $ 1,000 Laptop Computers
- $ 25,000 - $100,000 per Occurrence dependent upon Flood Zones
- $ 25,000 per Occurrence Waterborne/Airborne Equipment valued $250,000 or less
If interested in purchasing equipment insurance please complete the Equipment Insurance Request and send to the Office of the Vice President for Business Affairs (VPBA), Administration Building, Suite 301. If you have any questions or need assistance please call the VPBA's Office at 747-5113.
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