Equipment and Property

Leased Equipment

Any department that is leasing equipment (copiers, faxes, or other types of office equipment) should contact the Risk Management Department when acquiring this type of equipment. Risk Management will notify the leasing company of the insurance carried.

Borrowing University Equipment

Personal use for private gain of University equipment is prohibited. University equipment must not be loaned to non-campus organizations. University policy stipulates that equipment cannot be taken off-campus. Any exception to this policy can only be made with the approval of the department chairperson, director, or administrative head prior to the written approval of the Board of Trustees. The department is responsible for loss or damage of the item.

Personal Property

The University takes no responsibility for the loss of or damage to personal property of employees or students. It is expected that these items are insured through the individual's home insurance policy.

Fine Arts

Fine arts are considered to be one of a kind and irreplaceable items. Any fine arts that are in any area or department should be reported to the Risk Management Department. Examples of fine arts include antiques, paintings, etchings, tapestries, art glass windows, rugs, marble, bronze, rare books, manuscripts, porcelains, and other piece of historical value or artistic merit. Coverage for art exhibits is available through the University's insurance provider. Coverage exists for art which is

• Permanently on campus

• Owned by the University which is on exhibit off campus; coverage includes transit.

• Not owned by the University and is temporarily on campus, such as traveling exhibits used for educational purposes.

University-owned Equipment

All University-owned equipment is insured through a University-funded program.

Coverage

Coverage applies against the risks of direct physical loss to University equipment. Coverage does not extend to normal maintenance, normal wear and tear, deterioration, permanently attached building equipment or fixtures, or facilities as a result of loss (damaged door or glass due to gaining entry, structural damage due to water or fire loss).

Valuation

If loss or damage does occur, reimbursement will not exceed the cost to replace, repair, or restore the article to the condition that existed immediately before the loss.A $500 per occurrence per department deductible will apply. The deductible will be paid by the department experiencing the loss.

Conditions

All equipment must be University owned. No personally-owned equipment will be covered.All equipment should be protected by some method of loss control. Examples include: University Inventory Tags, indelible ink stamp, engraving, and/or security devices.

 

BACK