Equipment Insurance Information
NEW** Property Insurance Deductible change effective July 1, 2020
Effective July 1, 2020, the University of Utah's Property Insurance Deductible is $2,500 per occurrence. University departments are responsible to pay the first $2,500 of each property loss.
Equipment Inventory Requirements
On May 21, 2019, changes became effective for tracking of University equipment, See Revised Non Capital Equipment Accounting Codes. In the case of a loss, the University's insurance carriers will continue to require a listing of each item of damaged or stolen equipment. Campus orders, invoices, purchase orders, etc., which list equipment make, model, serial number, supplier, price, and purchase date will be used to substantiate a claim. If the loss takes place off-campus, departments will be required to document that off-campus use of the equipment had been authorized. A "Request to use University Property Off-Campus" form, which has been completed prior to a loss, will serve that purpose. This form can be obtained from Property Accounting at 581-8673. You may also refer to University Policy 3-040 for general information related to University equipment. Questions regarding insurance should be directed to Risk & Insurance Services.
Equipment Taken Off-Campus
Whenever University property/equipment is taken off-campus, the departmental supervisor should complete the above referenced off-campus use form and designate an individual to be responsible for that equipment. As a matter of procedure, if there is a claim submitted for loss to University equipment off-campus, the individual who has been entrusted with such equipment will be asked to provide information about her/his personal homeowners or renters insurance carrier. As the claim is processed, the University's property insurer will formally request that the personal homeowners or renters insurance carrier pay for at least part of the loss. Depending on the coverage available, the homeowners or tenants insurance carrier will typically pay the University's deductible amount or contribute a percentage of the total loss.
Personal Property On-Campus
Generally, the University's property insurance policy excludes coverage for property owned by University faculty, staff, students or visitors. Such persons' homeowners or renters insurance policy applies on a primary basis for any loss to this type of personal property.
Consult with the University of Utah Purchasing Department at 581-7241 to obtain a shipper that has a good reputation and carries insurance. The University's property insurer will cover any loss over the amount of insurance provided by the shipper and after applying the applicable $2,500 property deductible. University departments have the responsibility to exercise reasonable care in the shipping process such as overseeing the transportation, packaging, loading, unloading, storage and security of the equipment, etc. Departments should take extra precautions for high value, sensitive and unique equipment or materials such as expensive medical equipment and valuable research samples. For example the risk of loss may be reduced when valuable equipment is separated into several shipments. For further information, please contact University Risk & Insurance Services.
Certain insurance provisions apply to various situations. For example, the University's property insurance coverage applies to equipment owned by a non-University of Utah entity, which is in a University Department's care, custody or control for which that Department is legally liable, or for which that Department has assumed liability prior to a loss. Certain conditions and restrictions apply, such as a $2,500 per occurrence deductible. Questions should be directed to the University Risk & Insurance Services Department at 581-5590.