Property Insurance Options for Leased Space

Is your unit housed in leased space? Have you contacted the University Office of Risk Management about insuring your contents in leased space? If not, does your unit have funds available to replace damaged contents in the event of a loss such as a fire, tornado or vandalism?

The University Office of Risk Management procures and administers insurance programs on behalf of the University. At present there are two main programs to insure contents.

The first is the master property program. This policy covers such things as damage due to vandalism, fire, flood, wind, etc. All University-owned buildings and contents are insured through this program but subject to the policy deductible of $500,000 per occurrence. Contents values, especially in leased space, are typically below the policy deductible amount, so units are given the option of buying-down the deductible to $25,000 per occurrence. The current premium rate is approximately $0.05 per $100 of value.

The second program of insurance is the Computer Self Insurance Plan. This Plan covers computers and electronic equipment for basically the same perils as the master property program. The deductible for this Plan is $500 per occurrence. The premium rate is $1.00 per $100 of values.

If you are interested in either of the above programs for your contents in leased space, please contact the individuals listed below for additional information.

Tina McEllin, Associate Director (Master Property Program)
or
Nichole Jackson, Insurance Manager I (Computer Self Insurance Plan)

University Office of Risk Management
506 S. Wright, HAB, RM 247
M/C 337
(217) 333-3113