Property & Fine Arts Insurance Overview
For quick-access, please use the links to jump to the appropriate topic:
What is covered?
The property insurance program insures against losses to real and personal property owned or leased by the University.? This includes buildings, machinery & equipment, fixtures, furniture, stock & inventory, etc.
The type of coverage is referred to as “all risk” providing broad coverage, however, there are certain exclusions.
- Personal property of students (see Options for Protecting Student Property)
- Personal property of faculty, and staff
- Damage caused by wear and tear / lack of maintenance
- Faulty workmanship or defect
- Mysterious disappearance of property
- Damage to buildings as a result of normal settling, cracking, shrinking, or expansion
- Mold damage
- Loss of monies / cash
- Intellectual property
Reporting an Incident
- Complete a Property Damage Claim Form
- Provide Backup Documentation?of the investigation (e.g. Police Report, Fire Report, Witness Statements, Manufacturer information, Contractor information)?
- Take Photos and/or video?of damage and cause of damage.
All losses should be?reported to Risk Management immediately and no later than 24 hours?after the loss by emailing the completed Property Loss Report firstname.lastname@example.org
Damage to Department Property
Managing Repairs or Replacements of Damaged Property
- Do not discard damaged items (if possible) without consulting Risk Management
- The department coordinates repairs or replacements in accordance with existing policies and protocols
- If you believe the equipment is damaged beyond repair:
- Please supply documentation from a service provider, manufacturer, product rep. etc. that validates the assessment. The cost of an assessment can be submitted as part of the claim.
- Please request the same expert to evaluate the damaged item for salvage value.
- Damaged items should be repaired or replaced within 90 days of the loss event
Reimbursement for Expenses
- Please document expenses on the Damaged Inventory & Expense Report
- Reimbursements are subject to a $5,000 deductible
- Reimbursement will be made for the lesser of:
- the replacement cost of an item that is?of like, kind & quality or its functional equivalent to the damaged item – OR –
- the cost to repair an item to its pre-loss condition
- Expenses to evaluate damaged equipment are reimbursable
- For reimbursement the department should submit PAID invoices (see Required format for Vendor Invoices below) with a SAP report email@example.com. By journal entry, Risk Management will reclassify department expenses to the Property Claims account.
Damage to Buildings
All incidents of damage to the building and / or property should be reported immediately to Facilities Management and Planning (FMP).? Facilities Management and Planning will coordinate building repairs and restoration activities as needed.
?If building damage is caused by a delivery truck, obtain and forward the following paperwork:
- Copy of the bill of lading with driver’s signature and any other paperwork (i.e. shipping tally manifest) that was provided at delivery.
- Driver information and driver’s insurance information
- Pictures or video of the damaged property; police report if available
Required Format for Vendor Invoices
Invoices?must?contain the following information:
- Invoice must be on company letter head
- Invoices should include work performed for the property loss only and should not be combined with other rendered services.
- “Bill To” must always identify Boston University
- Name, address, and phone# of contractor performing the work
- Date of Service
- Address of location where service took place
- Detailed description of work performed
- Breakdown of cost; materials vs. labor
- Total amount paid