Equipment Insurance

Rates
    Domestic Rate
    Foreign Rate
Deductibles
    Domestic Deductible
    Foreign Deductible
Billings

Rates

Domestic Rate

(Policy Year is November 1 to October 31.)

For laptops

$0.80 per $100 in value per year.

Example: You have a laptop valued at $2,450 that you want to insure for the entire policy year. Divide the value by 100 and multiply by .80:

(Value / $100) * $0.80 = Premium per year

OR

($2,450 / $100) * $0.80 = $19.60 Total premium for one year

For items in transit

$0.80 per $100 in value per year.

Example: You have a piece of equipment valued at $2,450 that you are moving. Divide the value by 100 and multiply by .80, then divide by 12 as you only want one month’s coverage:

((Value / $100) * $0.80) / 12 = Premium per month

OR

($2,450 / $100) * $0.80)/12 = $1.63 Total premium for one month

All other items not in transit (computer equipment, art exhibits, audio visual equipment, and laboratory equipment)

$0.60 per $100 in value per year.

Example: You have a computer valued at $2,450 that you want to insure for the entire policy year. Divide the value by 100 and multiply by 60 cents:

(Value / $100) * $0.60 = Premium per year

OR

($2,450 / $100) * $0.60 = $14.70 Total premium for a year

 

Foreign Rate

$1.00 per $100 in value per year.

Example: You have research project in the Antarctic and on your ice flow you have a computer valued at $2,450 that you want to insure from January 13 through August 4 (8 months). Divide the value by $100 and multiply by $1.00 to get the annual premium; divide the premium by 12 to get the monthly premium; and then multiply by the number of months of coverage:

(Value / $100) * $1.00 = Premium per year
(Annual Premium / 12) * # of months = Total premium

OR

($2,450 / $100) * $1.00 = $24.50 per year
($24.50 / 12) * 8 = $16.33 Total premium for January 13 to August 4

Deductibles

Domestic Deductible

For all equipment, except laptops and items in transit, located in the continental United States, Alaska and Canada, a $250 deductible is charged for loss or damage arising from a single occurrence. The deductible for claims involving laptop computers is $750. The deductible for claims involving items in transit is $750.

Foreign Deductible

For equipment located in a foreign location, a $1,000 deductible is charged for loss or damage arising from a single occurrence.

Billings

The premium for any item entered in the system is billed for the entire period at the end of the month it is entered and appears on the following month’s Budget Activity Report (BAR). The Annual Renewal billing will appear on the December BAR.

For items added to the system during the policy year, a prorated premium is billed the month of entry.

Example: You have a computer and a fax machine you want to insure from May through the end of the policy year, October 31. The date you actually enter the data into the system is April 15. The billing will be on your April Budget Activity Report with the insurance starting in May. The premium charged to your budget is for both items for the entire insurance period.

The billing process:

• locks data into the system limiting your editing ability,
• calculates the premium,
• charges your budget,
• creates a line item on your Budget Activity Report (BAR)
• generates an Internal Sales Document (ISD),
• mails the ISD to the budget’s associated campus mailbox, and
• changes the Billed field in the system from  “N” to  “Y.”