Guidelines for Coverage
Long Term Coverage
It is the policy that renewed insurance be carried for an annual or semi-annual term. Equipment is not insured beyond the term of the grant unless requested by the sponsor.
After project termination, if the property is retained, further insurance is available.
Short Term Coverage
Short term insurance, such as one, two or three months, is acceptable when:
- the grant terms within a short period of time subsequent to the acquisition of new equipment
- equipment is leased or loaned
- equipment is used for sponsored projects beyond the bounds of the campus location
(Please check with the Office of Grants Management when in doubt about short term insurance.)
Shipping or Transporting Equipment
Project directors are encouraged to notify the Office of Grants Management when shipping or transporting insured equipment. Grants Management will then advise the Foundation's carrier on method of packing, shipping, destination and delivery dates to ensure proper coverage.
Termination of Coverage
Insurance is automatically terminated if not renewed. When equipment is disposed of, the insurance should be terminated. No provision for prorating insurance is available when termination occurs within a yearly cycle. Project directors are encouraged to consider the dates involved and to plan accordingly.
Equipment is covered if the loss is caused directly by fire, lightning, explosion, windstorm, vandalism, aircraft, rioters, strikers, theft or attempted theft, or by accident to a vehicle carrying the property. Equipment is also covered for accidental damage (a damage estimate must be submitted with other related documents as requested in these guidelines). Please contact the Office of Grants Management when there is a question of coverage that may not be described here. There are also limits to coverage under some circumstances.
Exclusions to Coverage
The Equipment Policy does not provide coverage on the following (not all exclusions are listed below):
Excerpt from Policy
- Voluntary parting with any property by you or anyone else to whom you have entrusted the property if induced to do so by any fraudulent scheme, trick, device or false pretense
- Delay, loss of use or loss of market
- Dishonest or criminal acts
- Acting alone or in collusion with others
- Shortage found when taking inventory
- Ware and military action
- Loss caused by pollutants
- Hidden or latent defects, mechanical breakdown or failure or any quality in the property that causes it to damage or destroy itself
- Electrical breakdown or failure
- Wear and tear, gradual deterioration
- Insects, vermin, rodents, corrosion, rust, dampness. cold or heat
- Repair process or work on covered property
For additional exclusions please contact the Office of Grants Management at
Office of Grants Management
W5510 Melville Library
Stony Brook University
Stony Brook, NY 11794-3366
Tel: (631) 632-9038
Fax: (631) 632-9147