Equipment Insurance

Overview of Equipment Insurance

The Research Foundation's Equipment Floater Policy is an all-risk policy that provides coverage on equipment (purchased with or without sponsor funds, or on loan from another institution but used for sponsored projects) against loss by specified external causes anywhere in the world. Since the University has no other funding source to cover the damages to or loss of equipment, this is the only vehicle for protecting that equipment.

Insuring Equipment

PREMIUMS

The annual premium rate is: US$ 1.08/year per $100.00 of value
example: A $1,000.00 piece of equipment will cost $10.80 to insure for a one year period.

Actual premiums are calculated by the Grants Management staff. Insurance may be renewed during each new budget period.

CLAIMS AND DEDUCTIBLE

Settlement of claims is based on the REPLACEMENT VALUE of the lost or damaged equipment. There is a $500.00 deductible for each claim, and is the responsibility of the department. Should an insurance claim become necessary, contact Stephanie Ammann, Manager of Sponsored Project Expenditures in OGM, to review the procedure for documenting the loss.

INSURANCE APPLICATION PROCEDURE

  1. Complete a RF Purchase Requisition made out to "AMSURE" for the purchase of insurance.
  2. Complete the Insurance Application / Floater Form for each item being insured.
  3. Provide a copy of the Purchase Orders the equipment was originally purchased on to verify value.
  4. Send to Grants Management, ZIP = 3366. You will receive a confirmation email with the exact premium charged to your account.
  5. Upon approval, the documentation is sent to Accounts Payable and is then sent with the check to AMSURE.

Download the Equipment Insurance Guide (PDF format) describing the policies and procedures dealing with The Research Foundation equipment insurance program.
(Updated July 2012) 

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