Property Control > Sponsored Research Equipment and Insurance
Sponsored Research Equipment and Insurance
- Guidelines for Coverage
- Losses and Claims
- Property Status Change
- Equipment Insurance Application Form
The Research Foundation's Equipment Floater Policy is an all-risk policy that provides coverage on purchased equipment with sponsored funds, and used for sponsored projects, against loss by specified external causes anywhere in the world.
Effective July 1, 2008, the premium rate under the Equipment Policy was reduced to $0.76 per $100.00 of coverage. Settlement of claims is based on the replacement value of the equipment.
For fixed or stationary items valued at greater than $100,000 and for items that are not portable, a special equipment policy with a lower premium rate may be negotiated by Office of General Counsel and Secretary in the Research Foundation Central Office with the insurance carrier. This coverage is designed for facilities that maintain expensive research equipment.
The Office of Grants Management calculates the premiums and submits the requisition with supporting data to the Accounts Payable Office for payment. This documentation is mailed to the insurance carrier with the check.
The deductible for each claim has remained at $250 since July 1, 1998. Payment of the deductible is the responsibility of the campus department and will be paid out of appropriate account funds as designated by the project director.
For most equipment, value decreases with age. Appropriately decreasing the value of the equipment with time lowers premiums and makes for maximum fiscal economy. Depreciation is accomplished at the discretion of the project director.
As a policy, the Research Foundation encourages project directors to consider that coverage should secure the cost of replacement of equipment during the project term and not under or over value the equipment.
State Owned Equipment
Equipment should be insured when on loan from the State and used for Research Foundation sponsored projects. Project directors may be held accountable for equipment that is not insured.