The university’s Office of Risk Management is responsible for insuring equipment and submitting insurance claims for lost or damaged property.
All property, including borrowed items that are under the University’s care, custody, and control, are covered for replacement value. There is a $1,000 deductible per incident which must be assumed by the department having custody of the property. In cases where several departments lose items due to the same incident, such as a fire, the $1,000 deductible is prorated among the various departments.
Property coverage is worldwide, regardless of who has control of the item at the time the loss occurs.