System Office of Risk Services

UA Property Insurance

General Coverage Information

BUILDINGS
 
All risk property insurance coverage is carried on University buildings. Losses must be reported within 30 days to System Office of Risk Services, Fairbanks - Anchorage .
 
Building Acquisitions:
 
University units are to report to the System Office of Risk Services in Fairbanks , within 30 days of acceptance, any new building acquisitions including new construction, purchases, or donations.
 
Non-Owned Building Insurance:
 
If you are requested to provide insurance for a non-owned building, such as in a space use agreement, rental, lease, or lease-purchase agreement, please contact the System Office of Risk Services, in Fairbanks .  Please provide a copy of the pertinent Agreement(s).
 
BUILDING CONTENTS & EQUIPMENT
 
UA Owned Property:
 
All risk property insurance coverage is carried on University owned equipment, including scientific equipment that is deployed in the field. Losses must be reported within 30 days to the System Office of Risk Service, Fairbanks - Anchorage . Property not replaced is covered at actual cash value. Departments are responsible for a deductible for each loss. Mysterious disappearance of property is not covered.
 
Shipping of Equipment:
 
We frequently receive questions regarding the procurement of insurance when the university ships owned, leased, or rented equipment. More often than not, the shipper will charge a high premium for a very low coverage limit. For equipment with high value (excess $100,000), departments are advised to review the insurance offered by the shipper. However, if the insurance is not a good value, departments are not required to purchase coverage through the shipper. The equipment will be covered through Risk Services subject to a department deductible. No notification is required.
 
Don’t depend upon insurance alone; the best way to protect your equipment is through loss prevention. It is worth the effort to research and select a reputable shipping company and to ensure the protective packaging is done properly. Documentation with photo images of the condition of the equipment and the quality of packing prior to turning the equipment over to the shipper is effective protection should a dispute arise.

When equipment is shipped to the university, the vendor should be required to cover the liability for loss until such time as the equipment is delivered to the university.  Shipments that arrive in damaged condition should not be accepted without the shipper’s acknowledgement of the damage.

Home Use of University Equipment:
 
Loss or damage to University equipment taken home by an employee is to be covered first by the employee's homeowner's or renter's insurance. Excess coverage is provided by the University. Employees must obtain supervisory approval to take home any University owned equipment. The following form may be used for this purpose: Agreement for Use of University Equipment/Vehicle(s) .
 
Lock Down Devices:
 
The university’s loss prevention program allows reimbursement for the purchase of lock down devices for computers and other small pieces of equipment. To obtain the fullest protection available under the University's property program, please participate in the Loss Prevention Program and lock down high value, easily moveable equipment.
 
Non-Owned Property:

The University does not provide coverage for the personal property of students, employees, or others. There is no University insurance available for loss or damage to personal art pieces, stereo equipment, furnishings, etc. in the work place. Property coverage can be extended to non-owned equipment, upon approval by the department dean or director, for equipment such as cameras, computers, and other such specialty items that are located on University premises or used in the field for employment purposes. Non-owned property is covered at actual cash value (replacement cost less depreciation).

We recommend that students insure their valuables through a parent or guardian's home owners insurance or a renter's policy. If this is not available to the student, insurance can be purchased through National Student Services, Inc. This company provides personal property insurance to students nationwide. A one-time premium nets coverage for an entire year. Brochures for coverage are available at the campus housing offices or at:
http://www.nssinc.com

The University is also occasionally asked to cover equipment on loan from another entity or individual. Please process those requests through your local Risk Management/Safety office along with a copy of the pertinent contract or agreement.

If you have sustained a property loss and wish to file a claim, see Claims .

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