Property

Property

What is insured?

University of Michigan Owned/Leased Property

Property Damage
Insurance covers university buildings and their contents for loss or damage as a result of a sudden and accidental occurrence.

Replacement cost or actual cash value of equipment will be reimbursed upon receipt of a properly submitted claim.

Theft
Provides reimbursement for theft losses of most university-owned property.

Replacement cost or actual cash value of equipment will be reimbursed upon receipt of a properly submitted claim.

Rents
Reimburses departments for the fair rental value and expected income during a period of restoration from a covered loss. Coverage is not automatic and must be pre-arranged with Risk Management.

Service Interruption
Covers loss or damage that results from the interruption of incoming services. A waiting period applies.

Business Interruption
Reimburses departments for lost revenues resulting from covered losses.

Transit
Property owned by the university is insured while in transit. Some exclusions and special conditions do apply.

While coverage exists for products shipped Freight on Board (FOB) Shipping Point, FOB Destination is preferred.

Personal Property
The university’s coverage does not extend to the personal property of employees, visitors or students.

What do I do if I have a claim?

  • Report the loss to Risk Management Services by completing a Complete a Claim Submission Form:  https://rmaprduniversityofmichigan.dxc-ins.com/UOM%20Shell%20WebForm/WebForm/PageBuilder.aspx
  • All incidents involving theft must be reported to the Department of Public Safety and Security.
  • A "Proof of Loss" form must be forwarded to Risk Management Services accompanied by documentation substantiating the value of the property.

Is there a deductible?

For theft claims, a deductible of $1,000 per incident will be applied.

No deductible is charged for claims of property damage.

Other Information

Exclusions
Exclusions include, but are not limited to:

  • Missing property discovered through general inventory is not covered.
  • Deterioration, depletion, rust, corrosion or erosion, wear and tear, or latent defect
  • Settling, cracking, shrinking, bulging, or expansion of foundations, floors, walls, ceilings, or roofs
  • Resulting from changes in temperature or humidity
  • Resulting from insect, animal or vermin
  • Fungus, mold or mildew