Insurance

Floater insurance is obtained and losses are adjusted through the Insurance Department. Covered losses include the perils of theft, mysterious disappearance and accidental breakage. It does not cover equipment maintenance, wear and tear, and “inventory shrinkage.”

Unlike coverage under the University’s blanket property insurance, coverage under the Floater is not automatic. Coverage becomes effective by means of choosing this option on the new On-line Asset system, or by obtaining and completing an Add/Delete form from the Insurance Department, and returning the completed form to Campus Box 1084.

Also while there is no direct charge to the department for coverage under the University’s blanket All-Risk property insurance, there is a premium charge of .50 cents per $100.00 of value for each item insured under the Floater, based on the purchase price of the item. The department is billed for this premium at the end of each fiscal year.

Finally, losses adjusted under the Floater are based on the full replacement cost of the item insured, subject to no deductible. Losses adjusted under the University’s blanket All-Risk property insurance are based on replacement cost of the item subject to a $5000 deductible per occurrence.

Please contact Jane Nothaker in the Insurance Department at 935-5627 for more information.