University owned buildings and contents are covered through the State Risk Management Trust Fund (the “Fund”). The Fund assesses state agencies an annual premium, provides coverage for reported locations, and pays claims for property losses due to covered perils. Coverage and billing follow the fiscal year, effective each July 1.
Covered perils for which coverage is provided include the following:
- Fire
- Lightning
- Explosion
- Windstorm,
- Hail
- Smoke
- Aircraft or vehicles
- Riot or civil commotion
- Sinkhole collapse
- Flood
Coverage is Actual Cash Value, which is the Replacement Cost less depreciation. There is a $1,000 deductible per building for flood losses and $2,500 deductible for all other perils.
Building and content limits are based on recent appraisals and are reviewed annually by the Insurance Coordinator.