Section 1. The Employer agrees to reimburse any crew member an amount not to exceed the extent of University insurance coverage which is currently $5000 with $100 deductible to be paid by the employee for loss of the member's personal property, where such loss is caused by fire, shipwreck, stranding, sinking or collision involving the Employer's vessel.
Section 2. In order to make a claim for reimbursement, each individual must provide the owner with an itemized list of his losses including replacement value. Any disputed items will be settled in accordance with the rule of this Agreement dealing with Settlement of Disputes.