Risk Management

Effective Date: 07/01/95

Policy Statement 2: All-risk Insurance

Coverage Must be Requested

The University does not have blanket All-Risk insurance coverage on equipment. Therefore, each University department desiring coverage beyond the State-provided basic coverage must make a written request for All-Risk insurance to the Risk Management Section of the University Property Office. The letter must indicate if the coverage is new, is an addition or deletion of existing coverage, or is a renewal of existing coverage. (In the case of renewal, the letter must indicate the renewal date.) The letter should state if security measures have been taken to protect the equipment from loss, such as card access, computer lock-downs, or Halon Systems. In addition, the following information must be included:

In addition to the cover letter, an itemized list with numbered pages must be attached, providing the following information:

PLEASE NOTE: When equipment is to be used off-campus for any length of time, a completed and signed Off-Campus Use Agreement Form must also accompany the letter of request and the list of items to be insured. These forms may be obtained from the Fixed Assets Section of the University Property Office.

General Instructions

Each page is to show a sub-total of the insurance values, with the last page including a grand total of all list pages as well as the sub-total for the particular page.

SEPARATE LISTS MUST BE PREPARED FOR EACH GROUP OF EQUIPMENT. For example, provide one list for computer hardware/software and another list for scientific equipment.

Upon receipt of a properly submitted request, the Risk Management Section of the University Property Office will arrange for coverage through the North Carolina Department of Insurance. No department has the authority to place any insurance coverage, with the exception of School of Medicine benefit insurance, directly without written approval of the North Carolina Department of Insurance and the Risk Management Section of the University Property Office.

Federal Property

Special coverage may be requested to cover Federal property for which title has not been transferred to the University, when the Federal grant or contract specifies funds for this purpose. Note: These instances are rare. Consult Risk Management Section of the University Property Office before pursuing insurance for Federal property.