Property & Other Insurance: FAQ
- How do you insure department property?
- What are the deductibles under the UC Property self-insurance Program?
- What should you do when a loss occurs?
- Is private personal property covered by University Property self-insurance?
- How do you insure UC property while in transit?
- How do you insure valuable artwork or rare books?
- How do you insure watercraft?
- How do you insure Boiler/Machinery?
- How do you insure Crime/Employee Dishonesty?
Property owned by the university is automatically insured under the university's Property Insurance Program. Typical perils include:
- transportation from one site to another
- building collapse
- other sudden or accidental damage
Some perils that are excluded from coverage include:
- changes in temperature or humidity
- wear, tear, deterioration
- mysterious disappearances
- delay; loss of use
- war; terrorism
The deductible is $1,000 for all perils with the following exceptions:
- $5,000 per occurrence for water damage (90% of claim funded for losses in excess of $50,000).
- $5,000 per occurrence for fire.
- $1,000 per occurrence for forced-entry theft.
- $5,000 per occurrence for non-forced entry theft.
- All losses should be immediately reported to Campus Risk Management with details as to the cause of the loss and a description of the damages and property involved. A complete and accurate description of what, when, where and how the loss occurred will assist in the investigation of the claim. The Campus Risk Manager will report the claim to the university's Claims Administrator.
- Claims may also be reported directly to the Claims Administrator at (800) 416-4029, option 1
- Notify the Office of Risk Services, Office of the President of catastrophic events.
- Notify local or campus police in the event of a loss caused by theft or vandalism, or if the loss has created a threat to public safety.
- Take reasonable steps to secure the property and damage.
- Document and photograph the loss or damage.
The university self-insures only the property it owns or leases. There are exceptions -- the university will cover property loaned or rented from a third party provided there is a written agreement signed by university authorized personnel in which the university agrees to take responsibility for the third party property. On no occasion is the university responsible for the loss of private property due to criminal acts.
- Domestic shipments < $100,000: Coverage is automatic under the Property Self-Insurance Program.
- Domestic Shipments > $100,000 & Employee Household Goods: All-risk coverage for shipment of goods via any common (commercial) transit carrier within continental US and Canada. Advance written approval of Campus Risk Management and Office of the President required. Contact local Campus Risk Management in advance of shipment.
- Foreign shipments: University shipments outside continental United States (Alaska, Hawaii, U.S. territories and foreign countries) are covered under a commercial marine open cargo policy (coverage is limited to scientific equipment and supplies, medical goods, automobiles and trucks, and household goods/personal effects). Coverage is provided on all-risk basis, subject to customary all-risk exclusions. Departments should notify Campus Risk Management prior to the shipment.
The university purchases a Fine Arts Insurance Policy which covers fine arts for all risks of physical loss or damage including earthquake and flood, subject to the policy exclusions. Coverage under the Fine Arts Insurance Policy is optional and subject to annual reporting of values for which departments are responsible for updating and advising of changes through the year. It is recommended that items that are of high value and importance to the campus be reported and scheduled for coverage under this policy. A department may secure coverage under the Fine Arts insurance by contacting the local Campus Risk Management office. Any changes should be reported promptly.
A department may also secure coverage for exhibits of university owned artwork at off-campus locations in the United States or Canada or non-owned artwork being exhibited on-campus and this coverage extends to while the artwork is in transit. To secure coverage for exhibits, contact Campus Risk Management at least ten (10 days) prior to the date of coverage is required.
If you're exhibiting department artwork beyond the United States and Canada, insurance policies of overseas exhibits are written on a case-by-case basis and must be approved by Campus Risk Management no fewer than 30 days before you want coverage to begin.
The university also purchases a Library Collection and Unscheduled Fine Arts Policy that covers the library books and collections and unscheduled artwork. This coverage does not include earthquake. This coverage does extend automatically to any items that are not scheduled under the Fine Art Policy.
Coverage for hull damage or loss to boats, trailers, engines and machinery is covered under a Commercial Marine Insurance Policy. Coverage under this policy is optional and is subject to a premium charge. To obtain coverage for watercraft hull and machinery, contact local Campus Risk Management. This coverage is subject to annual reporting of values for which departments are responsible for updating and advising of changes through the year. Since coverage is optional, departments make the determination of what they want to insure.
Coverage for loss or damage to boiler and machinery equipment, including loss or damage caused by a sudden and accidental breakdown, is provided under a commercial Boiler and Machinery Insurance Policy. This type of equipment typically includes boilers, heating, ventilation, air conditioning (HVAC) equipment, generators, etc. This policy is purchased through the Office of the President and coverage applies to Boiler & Machinery equipment at all locations owned, leased and operated by the university. Please contact Campus Risk Management in regard to any questions about this coverage.
The Property Policy excludes loss to money & securities and losses caused by employee dishonesty. Therefore, coverage for this nature of loss or damage is provided under a commercial Crime Insurance Policy. This type of coverage extends to employee theft, theft or destruction of monies and securities, fraud and forgery. This policy is purchased through the Office of the President and coverage applies worldwide. Please contact Campus Risk Management in regard to any questions about this coverage.