Hot Topics

Hot Topic – October

By wbgarner

Property Insurance

 

The Hunt library and a portion of the Fitts-Woolard building are seen during a fall day on Centennial Campus. Photo by Marc Hall

 

All NC State owned buildings and contents across campuses and beyond are insured through the State Property Fire Insurance Fund which is managed by the NC Department of Insurance. Assets are insured for All Risk Special Form coverage and most buildings have a $5,000 deductible. Buildings and contents are insured on a replacement cost basis. Buildings include the structure and anything permanently attached. Contents include any state owned property within the walls of the buildings that is not permanently attached (ie. furniture, computers, equipment, etc).

 

All Risk coverage includes all perils that are not excluded, i.e., Fire (includes lightning), Windstorm, Hail, Explosion, Vandalism and Malicious Mischief (V&MM), Theft, Water, Transit, etc. Some items excluded are normal wear and tear and mechanical breakdown. Coverage renews on July 1 annually. IRM will contact departments in order to update and maintain coverage.

 

Prior to 2021, the fund required only Fire and Lightning coverage which was free for generally funded departments. Now, each department must pay for Property insurance. Insurance & Risk Management allocates the premium based on departments’ occupied square footage on campus.

 

When should departments contact IRM about coverage needs?

  • As soon as you obtain new property
  • Anytime a department relocates as coverage is location-specific
  • If assistance is needed in determining the replacement cost of property
  • In the event of a property loss
    • Additional property coverages are available for the following circumstances:

 

  • Property that is not confined to any one single location – All Risk Computer/Miscellaneous Equipment
  • Loaned or leased items – Leased Computerized Business Equipment
  • Drones, Boats, Mobile Equipment, Fine Arts, etc.

How should property losses be reported to IRM?

Property losses can be reported by visiting the IRM website and completing a Property Loss Reporting Form. A member of the IRM team will review and reach out with next steps.

Visit the IRM website for more information about coverages, reporting losses and answers to most frequently asked questions. Feel free to contact a member of the IRM team with any questions.