The University purchases insurance to protect against damage to, or the theft of, University property, including fine arts and rare books. The University’s coverage does not extend to personal property (that is not owned by the University), whether on campus or in campus-owned buildings.
When loss or damage does occur, it is essential that the department manager contact Risk Management immediately. In order for the University to file a claim to cover the incident, we must be able to assess the situation and verify the damage as soon as possible. When loss or damage is not reported quickly, the University may lose the opportunity for an accurate assessment and full recovery.
Personal Property
The University does not cover personal property that is lost, stolen, or damaged during a business trip or while on campus. Contact your homeowner’s, renter’s, or auto insurance carrier for possible reimbursement for personal property loss, theft, or damage.
Required and Optional Coverages
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University Dormitories: If you are an undergraduate living in a University dormitory, you are encouraged, but not required, to purchase personal property insurance.
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University Rentals: If you live in a University rental apartment or house, you are required to maintain personal property protection (renter’s insurance).
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Pets: If you own a pet, you must also maintain personal liability coverage.
Visit the Housing and Real Estate Services website for more information about these requirements, as well as information about how to secure coverage.
University-Owned Property
The University’s property insurance covers loss of building contents, equipment, and the property of others placed in the University’s care, custody, and control. Insurance reimbursement for losses of University-owned property is based on the repair or replacement cost with property of like kind and quality. If the property cannot be repaired or replaced, then the loss will be reimbursed at the depreciated cash value. Under certain circumstances, departments may be charged a deductible of $1,000 for losses.
Claim Requirements
In order for Risk Management to consider a claim, please report this as soon as there is knowledge of a loss. You must provide:
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Report: Public Safety/Police Report or a detailed narrative of the event giving rise to the loss.
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Proof of Ownership: A copy of the original purchase order for the property and paid invoice.
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Evidence: Evidence of replacement of and / or repairs to the lost or damaged property.
Fine Art, Rare Book, and Instrument Insurance
The University maintains insurance for its fine arts collection, rare books, and instruments. In addition, the University insures art, artifacts, and rare books loaned to the University. Follow the guidelines below when accepting on-loan fine arts and similar property.
Art, Artifacts, or Rare Books on Loan for Display or Research
All artwork on loan must be accompanied by a written loan agreement signed by both an authorized University representative and the lender. The loan agreement should include a detailed description of the property, term of the loan, appraisal of the property declaring value, name of artist, and a photograph of the object. The loan agreement should also state whether the University or the lender is responsible for maintaining insurance on the property while in the care, custody, or control of the University.
Loan Agreements and Insurance
Visit the University’s contracting website for assistance in writing a loan agreement, and contact Risk Management with any questions on insuring artwork on loan. The department that enters into the loan agreement will be responsible for the first $1,000 of any loss.
Claim Requirements
Please note that a claim for lost, stolen, or damaged art on loan may be denied by our insurance carrier if a written loan agreement was not executed before the loss occurred.
In order for Risk Management to consider a claim, you must provide:
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Report: Public Safety / Police Report or a detailed narrative of the event giving rise to the loss.
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Proof of Ownership: A copy of the original purchase order for the property and paid invoice.
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Evidence: Evidence of replacement of and / or repairs to the lost or damaged property.
Owned Art, Artifacts, or Rare Books
Department managers are responsible for maintaining a detailed inventory of all artwork in their departments. The inventory should include a brief description, appraisal, date acquired, and a photograph of each object. A copy of this inventory should be stored in a location outside the department. The inventory facilitates reimbursement of lost, stolen, or damaged art or rare books and documentation of the object or objects will be required when a claim is filed with Risk Management. Departments will be responsible for the first $1,000 of any loss.
Claim Requirements
In order for Risk Management to consider a claim, you must provide:
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Report: Public Safety / Police Report or a detailed narrative of the event giving rise to the loss.
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Proof of Ownership: A copy of the original purchase order for the property and paid invoice.
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Evidence: Evidence of replacement of and / or repairs to lost or damaged property.
See the Department Collection Policy for additional information.
Property Not Owned by the University
The University’s property insurance will provide coverage for property owned by others if the University has assumed liability by way of a written contract or agreement. Departments should notify Risk Management before the initiation of contracts or agreements in which the University is required to assume property coverage for the non-owned property.
Claim Requirements
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Report: Public Safety / Police Report or detailed narrative of the event giving rise to the loss.
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Agreement: A copy of the agreement between the property owner and the University, including an estimate of the value of the property.
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Evidence: Evidence of replacement of and / or repair of the non-owned, lost or damaged property.