(Approved by the Executive Vice President by authority of Executive Order No. 5)
The University does not normally purchase property insurance, but assumes the risk of loss to the real and personal property under its jurisdiction. The University may purchase insurance through the Broker of Record in the following circumstances:
The University does not purchase property insurance to protect employee- or student-owned belongings and will not compensate the owner for loss or damage. The only exception to this policy is where the property is used in the normal course of job performance and the loss is clearly due to University negligence. In all other cases (including decorative or convenience items in offices), the University will not compensate the owner, irrespective of the cause of loss. Standard homeowner's policies do not necessarily apply to losses occurring at the insured's place of employment. To assure coverage, faculty, staff, and students who bring or leave personally owned property on campus should contact their insurance representatives about coverage.
Residents of University-owned housing must provide their own personal property insurance. The University assumes no responsibility for loss or damage to a resident's personal belongings. The only exception to this policy is if the loss is clearly due to University negligence and the loss is verified by University housing staff personnel. The Housing and Food Services Office can provide information on property insurance to housing residents.
University departments may insure computers, scientific instruments, audiovisual equipment, works of art, and some other types of equipment through the Office of Risk Management's equipment insurance program. The program covers replacement costs (without deduction for depreciation) and insures against most risks, including theft, fire, weather, or earthquake damage. Coverage is available both on-campus and at off-campus sites in the continental United States and Canada. Alternative insurance is available for foreign sites. Further information regarding premium rates, deductibles, and other program information is available on the Office of Risk Management's website, or by contacting the Office of Risk Management, 2065433419.
Each employee of the University is bonded for honesty by a Public Employees Blanket Bond. Any suspected loss should be reported at once to the Internal Audit Department, 2065434028, and the University Police, 2065439331. The Internal Audit Department will notify the Office of Risk Management.