University Property Coverage Overview

The University’s self-insurance program includes property coverage. Below, you will find a summary that answers some of the most frequently asked questions regarding property coverage along with some tips for loss prevention.

University Property

Coverage is provided for University property including University-owned buildings and contents. Typically, claims are covered for risk of fire, water, weather, and theft (see Note below). Examples of excluded perils include, but are not limited to, fraudulent or dishonest acts committed by employees, the cost of correcting defective design or faulty workmanship, ordinary wear and tear, and poor maintenance.

Note: If property loss occurs due to theft, a $2,500 deductible may apply.

University Property in Transit

Although the campuses are located in Colorado, the University has a worldwide arena of activities. The University's self-insurance program provides coverage for property losses within the United States. Equipment and supplies, transported by various modes of transportation, are covered for "all risks" except as specifically excluded (i.e., property is covered for losses from any cause unless that cause is specifically listed as an exclusion) while being transported within the U.S.

Certain types of property in transit, especially laptops, are targets for theft. If your department is transporting very expensive items, please notify Risk Management to assure the proper coverage amount.

Note that departmental move-related damage procedures may require that a claim first be submitted to the moving company's insurance. If denied, a claim may be submitted to University insurance, but must include the mover's insurance company's written, detailed explanation of their denial of coverage. Contact your move coordinator for your move's specific procedures.

Personal Property

Generally, personal property of employees, and especially students, is not covered by the University's insurance program and it is recommended that they do have personal homeowners insurance. Because of this, keeping personal items in your office is discouraged. Personal items which would not be covered include pictures, radios, nick-knacks, collectables, etc. Since most people must bring in a purse or wallet, great care should be taken to lock these up anytime you step out of the office without them. Lock your door behind you, if possible. It takes mere seconds for thieves to open an unlocked drawer.

Immediately call the local Police (see Step 2 below for phone numbers) to report a theft. If you are using personal equipment that is an integral part of your business at CU, there may be coverage, and so report a loss of this type to Risk Management immediately to file a claim. If you do experience a loss to your personal property, we suggest reporting the loss to your own insurance carrier.

Reporting University Property Losses

• Any and all losses or damage to either University buildings or other property should be reported immediately to University Risk Management (URM), using the Property Loss form available online at https://urm.cusys.edu/docs/forms/property_loss_notice.asp.

• Losses from theft, vandalism, or other crimes must be reported to University Police (on campus) and local law enforcement (off campus, if applicable). Campus police department phone numbers are:
  
  Boulder: 303-492-6666
  UCCS: 719-262-3111
  UCD-HSC 9th Ave or Fitzsimmons Campuses: 303-315-8888
  UCD-HSC Downtown Campus: 303- 556-3271
  
  It is not necessary to delay submitting the Loss Notice to URM while waiting for law enforcement reports as this may delay settlement of the claim for investigation.

• When completing the Property Loss Notice, include as much detail as possible.

• Documents that may be requested by URM adjusters include:

  • Purchase order or invoice showing original value
  • Replacement cost and documentation (ex. catalogue page with price & description)
  • Appraisals, estimates or bids for repairs or replacement
  • Police report, if available
  • Copies of any photographs
  • If submitting any of the above documents, fax to (303) 492-1902, or mail to University Risk Management, Campus Box 587.

Insurance Coverage Determination Process

• The department's contact person, as listed on the Property Loss Notice, will work directly with the campus Risk Manager and assigned URM adjuster.

• During the investigation, URM may contact the department representative for additional information or to make arrangements for appraisals or site visits.

• The adjuster may communicate directly with the department during the investigation and settlement process, or may work through the campus Risk Manager.

• If the circumstances of the loss provides the potential for recovery of 3rd parties, URM may require department's cooperation in its recovery efforts. URM may ask you to secure and store damaged property which may be used as evidence.

Property Replacement

• Departments are responsible for making arrangements for repair or replacement of damaged property. However, this should not be done prior to approval from the insurance adjuster at URM, as it may effect the investigation.

• Payment for losses is made to the Department when claim adjustment is complete.

  • For large losses, arrangements may be made to pay vendors for loss-related services directly with the approval of both the vendor and the adjuster.
  • The deductible, when applicable, is the responsibility of the Department.

• Once a settlement is agreed on, the adjuster sends the Department and campus Risk Management office closing documents indicating the amount to be paid to the department, less per occurrence deductible, if applicable. Claim payments will be made to the Department.

• Contact your campus University Risk Management office for additional information or assistance.