Risk Management

Effective Date: 07/01/95

Policy Statement 1: Building and Contents Insurance


Coverage

The cost of the basic insurance coverage for buildings and contents operated and maintained "entirely" with State-appropriated funds (general funded) is borne by the N.C. Department of Insurance's self-insured fund. The cost of insurance coverage for all other buildings and contents is borne by the University or its specific auxiliary, as previously stated.


Additional Coverage

If a department wishes to have specific additional coverage such as All-Risk (see next section), theft, or vandalism and malicious mischief for its contents, a request is to be made in writing to the Risk Management Section of the University Property Office. The request must include the account number from which the department will pay the premium.


Burden of Proof

The burden of proof of contents existence for substantiating a loss is the responsibility of each department; therefore, it is to each department's benefit to maintain an up-to-date inventory of all its contents, not only items with an acquisition cost above $500 as recorded by Fixed Assets. Fixed Assets has a subsystem available to record assets acquired for less than $500. Contact the Fixed Assets Coordinator in the University Property Office for access and instructions.


Renovations and New Buildings

When a building is renovated, or completed and occupied, the Director of Facilities Services is to notify the Risk Management Section of the University Property Office, who in turn requests the appropriate coverage for the building and its contents from the N.C. Department of Insurance.


Filing Claims

In the event of a loss, Risk Management files a Building and Contents Loss Claim Form with the State. Refer to ECU's Risk Manual for additional information.