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Miscellaneous Property Insurance

The Department of EH&S is able to obtain insurance coverage, through the Department of Management Services, Tallahassee, for protection against loss or damage to property that becomes the responsibility of the University by virtue of a loan or lease agreement, if the agreement specifically requires insurance to be provided.

Coverage is available for items on lease or loan to the University while such items are in transit to and from the University, and for the period these items remain in the possession of the University.

Please note that there are no provisions for insuring the personal property of University employees.

Coverage:

epartments seeking to obtain insurance coverage for items they wish to borrow should do the following:

Provide a request to EH&S for upcoming exhibit, loan or lease conditions, at least 72 hours prior to accepting responsibility for items.
If a Certificate of Coverage is required, EH&S must receive the request at least 10 working days prior to the University accepting responsibility for items.

Please provide the following information as required on the coverage request:

List of the items and a brief description of each item
Period for which coverage is required
Value of each item to be insured
Location where items will be used or displayed.
Name and signature of requester.

Items eligible for coverage are separately insured for their actual cash value. Insurable items are generally of the following types:

Fine Arts: Includes paintings, etchings, pictures, tapestries, and other bonafide works of art.
Theatrical property: Includes property for use in theatrical productions.
Miscellaneous Property: Includes various pieces of furniture and equipment.

Property Not Covered: No coverage is available under this policy for aircraft, watercraft, automobiles or any vehicle licensed for highway use.

Exclusions:

Loss or damage caused by any of the following are among the exclusions applicable to this policy :

Flood/Water Damage
Weather Conditions
Unexplained disappearance
Wear and tear
Mechanical breakdown
Corrosion, rust, dampness or dryness

Terms and Conditions:

Duration of Loan and Premiums:
Premium are calculated using the following information:

the actual cash value of the item
the length of time the item is to be insured

Current annual rate is as follows:

$ 0.35000 per $100

Policy Limits: The maximum coverage available on any one item is $50,000. It may be possible to obtain coverage on items valued in excess of this amount, if all required paperwork is submitted to EH&S at least 15 working days prior to the University assuming responsibility for an item.

Deductible:

A $100.00 deductible is applied to claims less that $500
A $500.00 deductible is applied to claims less that $2,500
A $1,000.00 deductible is applied to claims for greater than $2,500

Loss/Damage to Covered Property: In the event of loss or damage to covered property, the department responsible for the covered property must do the following:

Provide immediate notification to EH&S regarding how, when and where the loss occurred.
Take immediate and reasonable steps to protect the items from further damage.
Do not discard damaged property. Set damaged items aside and secure them for inspection by an insurance representative.

Fraud/Misrepresentation: EH&S secures coverage based on information provided in the written coverage notification.

Intentional concealment or mis-representation of issues related the to value, ownership, and/or duration of the loan period voids coverage, and may result in more serious consequences.
Information submitted to the EH&S prior to a loss, may not be changed subsequent to a loss.

Other: The date EH&S receives coverage notification is the date of record, not the date on which the correspondence is prepared.

With the exception of items valued in excess of $50,000, coverage is effective the date and time EH&S receives written notification.