Cover for University Property
What cover is provided for University Property?
All property owned by the University, or for which it is legally responsible is covered for its replacement value against loss or damage.
Are there any exclusions I should know about?
Obviously a number of standard exclusions apply, the most common being; wear, tear and gradual deterioration, faulty or defective design, materials or workmanship, contamination by radiation, theft of property left unattended or in the open, and any loss from an unattended vehicle. Losses must also be attributed to an incident. There is sometimes a time limit within which a claim must be made, it is therefore crucial to inform the Insurance team IMMEDIATELY if a loss has occurred.
What deductibles apply to the cover?
The policy is subject to a £10k deductible for all losses. Losses that fall below the excess are met by the Finance Office, provided it is adjudged that the policy would have paid out, but for the application of the deductible.
Is equipment covered if I take it off campus?
University equipment is insured anywhere in the world, but is limited to £250,000 for any one loss away from the premises including in transit, either in the UK or overseas, and with a £60k single item limit . It is possible to get this single item limit increased for specific requirements, but depending on the risk it could be subject to an additional cost. If you are removing a piece of equipment from campus the necessary forms need to be completed.
What about my laptop/phone or other similar portable device?
Provided it was purchased by the University, it is covered against loss or damage anywhere in the world. In the event that you want to make a claim, you will be required to demonstrate that you have taken reasonable care of the item. What is "reasonable care"? - would you have done anything differently if the items was your own and not covered?
What about new pieces of equipment?
New equipment is automatically covered and does not need to be notified.
What happens if my Department receives a piece of equipment 'on loan'?
Equipment on loan is automatically covered up to a limit of £250k.
Is University money covered if it is stolen?
Yes, but a number of special security conditions apply. If Departments are storing or transporting significant amounts of money, they should check with the Insurance Team for details.
Is there anything else I need to know?
It is a statutory requirement that insurance surveyors inspect all University owned PRESSURE VESSELS AND LIFTING EQUIPMENT at regular intervals. A schedule of all equipment inspected and the certificates of inspection are held and maintained by Property Services. In the unfortunate case of an accident or failure of the equipment, the University will only have the back up of our insurers if these inspection requirements are fully complied with. All such equipment should be declared to Tony Harper in property Services (ext 5618) BEFORE it is used, so that it can be added to the insurance schedules.
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