Property Insurance

Coverage Description

University-owned Property

The University maintains property insurance for University-owned property while on the campus or at approved locations away from campus. Property insurance covers accidental damage from causes including fire, windstorm, water from broken pipes, and other perils. Insurance covers building damage and their contents including furniture, laboratory equipment, computing equipment, books, supplies and similar property. Money, software and data are not covered items.

The University’s property insurance program will reimburse departments incurring expense to repair or replace damaged property. Reimbursements are subject to a deductible of 10%, with a minimum deductible of $500 and maximum of $2,000. For reimbursement, losses must be reporting according to the Claim Reporting Process outlined below. It is essential that the department follow the property loss reporting procedure to assure reimbursement for the department’s expense under the property insurance provisions.

The full scope of the property insurance program is described in the University’s commercial property insurance policy. Some insurance against property loss is provided automatically. For more detailed coverage information you may contact Risk Management or refer the other insurance programs information contained on this site.

Insurance against Theft and Transit Losses

  • The Theft Insurance page will further describe the process for obtaining Theft Insurance coverage. We encourage units to participate in the program to cover those items that are a target for theft.
  • The Transit Insurance page will provide you with more information on the process for purchasing coverage in the event of a loss while an item is in transit. Costs to replace an item damaged in transit cannot be covered without Transit Insurance Coverage.

Employee Property

The University does not insure an employee’s personal property regardless of whether the employee uses the property in their work. Employees who bring personal property to the work place should make certain that they have adequate insurance on their property.

Government Property

The cost of insuring government owned equipment cannot be charged to a federal award unless such cost is expressly provided for in the award. The cost of insuring University owned equipment acquired with federal award funds, however, may be charged to federal awards provided that the equipment is to be used to perform the award’s activities.

Claim Reporting Process

Departments must report loss of or damage to University property to Risk Management immediately. Following is the process for reporting damage from fire, water leakage, steam leakage or other causes.

*To report theft losses, follow the procedure outlined in the Theft Insurance Program. *

Damage to or destruction of University property must be reported to Risk Management immediately to begin an investigation into the loss and to establish a claim.

It is essential that Risk Management is notified as quickly as possible especially for water or smoke damage. Risk Management has salvaged damaged property including water-soaked computer equipment and documents by promptly arranging for the services of qualified property conservation firms. Quick action is necessary for salvage efforts to succeed. Reimbursement may not be approved on damaged items that may have otherwise been salvaged if not for a delay in reporting.

  • The department must prepare a list of all damaged property and anticipated repairs and costs. Two estimates for some items may be necessary. Risk Management will assist you with this task.
  • After review, Risk Management will confirm in writing what repair costs the department can recover under the property insurance program, if any.
  • If the department learns that additional work is necessary or that the original estimate was materially understated, notify Risk Management promptly for further approval. Risk Management will confirm whether the additional cost is covered.
  • The department should arrange for repairs or purchases following accepted University procedures. Repairs or purchases must be initiated within 30 days unless otherwise approved by the Risk Management Office. Payment of all invoices is to be drawn on the department’s accounts. The department must then send copies of invoices and payment vouchers for approved expenditures to Risk Management, showing which FAS account to credit.
  • Risk Management will reimburse the department for the expenditure less the deductible portion by journal entry. Each loss is subject to a deductible of 10%, with a minimum deductible of $500 and maximum of $2,000. Risk Management may not reimburse the department for payments that are outside the approved expenditures or are unrelated to the loss.
  • If the personal property of an employee is damaged, the employee should submit a claim to their personal insurance company. The University does not insure employee personal property.

 

Contact Information:

Candy Walters
Risk Management Analyst
773-702-1951
cwalters@uchicago.edu
pager:773/652-0007