Risk Management & Internal Control

Equipment and Fine Arts

While the University does not require the purchase of insurance for University Property, some departments may wish to insure specific pieces of equipment that may be exposed to a high risk of loss such as laptop computers or that would be difficult to fund replacement.  Periodically, equipment is loaned or rented by/to a department and insurance coverage is required by the owners.  The University does require insurance on fine arts or museum artifacts on loan to the University and the Risk Management Office will generally cover the cost of insurance unless the owners require all risk coverage such as earthquake coverage which is excluded from our policy.  

Rates for insurance vary for fine art and include a $1000 deductible  with a $500 deductible for standard perils such as fire and theft.  Purchase may be made at any time and the cost of insurance and deductibles shall be borne by the requesting department, college or administrative unit.  Contact the insurance coordinator for a specific quotation. 

Coverage for equipment should be requested at least ten (10) days in advance via memo or e-mail by providing a description of the item(s), the value, the serial number or other ID number, dates to be covered and account information for funding the expense. 

For fine arts, please  provide an EXCEL spreadsheet with detailed list of artworks, including title, artist, description (ie oil painting 8x10) and valuation as well as the name of the exhibit and dates of coverage ( include dates when items are in transit).

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