Equipment Insurance

Isn’t It Already Insured?
When Should I Insure?
Department Role and Responsibility
Care and Security of Insured Equipment

Isn’t It Already Insured?

If your department wishes to insure equipment, coverage is through the Equipment Insurance Program administered by the Office of Risk Management.

When Should I Insure?

If you are buying new equipment or leasing equipment, you should begin coverage as soon as your department is responsible for replacing or making repairs. This will vary depending upon your agreement with the vendor or lender. Your responsibility may begin as soon as the equipment arrives at the University, i.e., before it reaches your department.

Insurance coverage begins on the day it is requested except for high value items (over $100,000), or unusual equipment. Contact Risk Management and allow several days for coverage to begin.

Department Role and Responsibility

• requesting insurance,
• determining the value of each item of equipment insured, and
• taking all reasonable steps to protect insured equipment against loss or damage.

Care and Security of Insured Equipment

Recognize also that even an insured loss is accompanied by other indirect losses that are not covered, such as the time and effort to order new equipment and the disruption of operations until the equipment is replaced. For those reasons we recommend that each department implement adequate security measures to supplement the insurance, especially for equipment that has a high theft potential.

For further ideas on creating a secure environment for your equipment, we suggest you contact the Crime Prevention Unit of the University Police.