Property
What is Covered
Covers all property of every description, owned, leased or occupied by the U of A and/or the U of A has assumed the responsibility to insure by contract or agreement; against all risks of direct physical loss or damage except as excluded in the policy. Property includes, but not limited to buildings, fixtures and equipment, computer hardware.
The policy also covers Loss of Rental Income, Extra Expense which might be incurred to conduct or continue business following a loss, as well as costs associated with Business Interruption as a result of the insured location being destroyed or damaged by an insured peril. This coverage is only extended to areas that have been specifically identified for this coverage and not to the entire operations of the University.
What is not Covered (please note this is not an exhaustive list)
- Personal property of individual, staff, student and a Student Group
- New buildings or structures during course of construction
- Boilers and machinery
- Normal wear & tear
- Mould & Fungi
- Terrorism
- Mysterious disappearance
- Faulty workmanship
- Fine arts, permanent collections and rare books (in excess of $1,000 per book)
- Aircraft, boat, vehicle
- Crops and live animals
- Nuclear accident
- Electronic data/records
Deductible
An internal deductible may apply to a loss for a faculty, department or ancillary unit regardless of the amount of the claim. The deductible amount will be determined based on the reason(s) for loss(es) and the security in place for equipment prior to the loss(es).
Moving or Disposing of Equipment?
Where equipment is being moved to a different location within the university, please ensure you follow the Equipment Registration and Tracking Procedure. This will allow the university to accurately report our equipment values for each location to our insurer.
Where your equipment is deemed to be surplus to requirements, please follow the Equipment Asset Disposal and Retirement Procedure. If assets are not removed from our asset management registry, insurance costs will still be incurred as it will still show as being a current asset.