Property Insurance
A major insurance coverage that UORM purchases is the University’s Property program. Property insurance is purchased through the Midwestern Higher Education Compact (MHEC), and it provides protection to the University for direct physical loss or damage to University property. Perils covered include fire, windstorm, hail, smoke damage, explosion, theft, flood and earthquake. Every University-owned building is insured under the Property policy. Contents and business interruption coverage are provided when required by specific circumstances, including contractual obligations. Units must make a request to UORM for contents and/or business interruption coverage, as the coverage is not automatic.
The University’s Property program is subject to a very high deductible of $500,000 per occurrence. By electing to insure contents and/or business interruption, a unit is able to “buy-down” the deductible to $25,000 per occurrence. The University established a property insurance deductible self-insurance plan (SIP) to provide funding for losses to buildings and contents that fall between $25,000 and $500,000. In the event of a loss a participating unit would pay the $25,000 deductible and the University’s Property SIP would fund the difference.
Who To Contact
For questions about property insurance, contact:
Back to top
Last Updated: March 1, 2011