University Risk Management

Transit Insurance

The University Office of Risk Management administers a Transit Insurance Plan for departments opting to insure shipments.

  • The policy covers shipments made by vessel, barge, truck, railcar and/or land and/or air conveyance and connecting conveyances including shipments by mail and parcel post, messengers, parcel delivery service and couriers.

  • Geographical Limits – Worldwide – except to the extent coverage is prohibited by United States of America law or United State of America governmental decree.
  • A $250 per occurrence deductible applies
  • The premium that is charged is based upon the value of the each shipment.  The current rate is $0.1435 per $100 of values with a minimum cost of $10. 
  • Your request for insuring your shipment should include the following information:
  • Who is shipping the item(s), Name and Department?
  • What is being shipped?
  • What is the value of the item(s) being shipped?
  • Where is the item(s) being shipped to/from?  If shipping outside the United States additional information will be required.
  • What date will the items(s) be shipped?
  • How is the item(s) being shipped?
    • What is the purpose of the shipment, i.e. repair, return, etc.
  • Please provide a C-FOP to charge the insurance cost.
    • NOTE:  Transit insurance typically is NOT an allowable cost on a grant funded account.
  • Complete the Transit Insurance Request form to submit a request for coverage.

Reporting a Claim

  • Report the claim both to the carrier and to Risk Management (333-3113) as soon as you become aware of the loss.
  • Provide the following information to Risk Management.  The carrier will have its own claim process but may need similar information. 
    • Who
    • What
    • When
    • Where
    • How
    • Provide pictures of the damages if available. 
    • If the loss is due to theft, a police report is required.
  • Do not discard the damaged item or any packaging until advised to do so by Risk Management. 

How Losses Are Settled

  • Most carriers provide a nominal limit of insurance coverage for each shipment.  Report this amount to Risk Management (copy of payment required). 
  • Risk Management will deduct the deductible from the remaining insured value and a journal voucher will be processed to credit the C-FOAP provided from the initial request for insurance

Who To Contact

University Office of Risk Management
247 Henry Administration Building
506 South Wright Street
Champaign - M/C 443.
Phone (217) 333-3113
Fax (217) 333-1212
ncjacksn@uillinois.edu
or
UnivRiskMgmt@uillinois.edu

 

Back to top

Last Updated: March 1, 2011