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All Risk Program Terms

1. Claims will be paid to units for covered items so they can be replaced with equipment of “like kind and quality.” This program is meant to protect unit budgets from loss. Claims are paid to make the units whole.
2. There is a per occurrence deductible which is borne by the unit of $500. However, if the claims adjuster determines that the loss was due to a failure of the department to properly safeguard University property, then a higher deductible can be imposed. The deductible levied in this case will be $1,000 or greater.
3. For theft, computer (and related) equipment that is secured through an approved security device will have an All Risk Program deductible of $100 instead of the previous deductible of $500 or $1000. Due to recent loss experience, the deductible for theft of computer projectors is $1000(this can be reduced to $250 if a sonic alarm is in place and working). Please contact The Office of Risk Management and Insurance for additional information regarding this program.
4. There will be no deductible for any computer theft where the computer is secured by a fiber optic security system. Note: A fiber optic system is only appropriate for sites where there are multiple computers that can all be connected to the system. Please call us to discuss the configuration of the optimal fiber optic system.
5. No theft of University property will be considered reimbursable by this program unless it has been reported to the police agency having jurisdiction in the geographic area where the theft occurs as soon as is reasonably possible. To be eligible for the lower theft deductible the existence of the security device must be confirmed by a police agency report at the time of the loss.
6. The term “all risk” is an insurance industry term, which means all losses will be covered except those, which are specifically excluded. Thus, your “All Risk” coverage does not cover loss or damage from every conceivable type of loss.
7. Equipment that has been loaned, other than to faculty or staff, will not be covered during the loan period. Loan agreement forms should be completed with the person borrowing the equipment, holding them responsible for loss or damage to the equipment.  If equipment is required to be loaned to students or those outside the University, please contact our office to discuss in further detail.
8. Only fortuitous losses are covered.
9. Only reported equipment is covered. We require equipment type (description), make, model, replacement value, and serial number. However, we realize that some items do not have serial numbers, or model numbers. If that is the case, the reporting of all available information is sufficient. Please report information, which becomes available at a later date. Equipment may be added at any time. We may or may not charge you an additional premium for equipment, which is added during the year.
10. The loss should not be something which is normally covered by the manufacturers warranty.
11. The following types of losses are not covered:
    • Wear and Tear
    • Gradual Deterioration
    • Dishonesty of Employees
    • Refinishing, Repair or Renovation Processes
    • Dampness of Atmosphere
    • Extremes of Temperature and Humidity
    • Mechanical Breakdown
    • Damage to Electrical Apparatus Caused by Electricity, i.e. “power surge” (lightning is covered)
    • Inherent Vice
    • Latent Defect
    • Insect/Vermin Damage
    • Loss if other Insurance is Available (includes State indemnification for large losses.)
12. The “All Risk” Program does not provide coverage for computer software. It is much more cost effective to make backups of programs and store the backups off site.
13. Losses should be reported to the Office of Risk Management and Insurance as soon as possible. Failure to report losses in a prompt manner may result in your claim being denied.

Please communicate the terms and conditions of the “All Risk” program to all individuals in your unit using property which may be covered.