Frequently Asked Questions

Is there insurance coverage on the building my department occupies and on our contents?
    At a minimum, all University-owned buildings and contents including transformers and substations listed with the N.C. Department of Insurance are required by State statue to be insured for Fire/Lightning. This coverage is free to general funded (state-appropriated) departments. Receipts originated depts. must pay a premium for Fire/Lightning coverage. All departments must pay the premium for any additional coverage requested. University departments are also responsible to notify IRM when a new building or contents are added to their inventory of buildings.
If my department moves/changes location on or off campus, does our insurance coverage follow us?
    You must contact IRM if your department relocates property assets to another location. Property insurance coverage is location-specific.
Is the insurance for buildings and contents at replacement cost?
    All covered buildings and contents are insured on a RCV (replacement cost value).
What does All Risk cover?
    All Risk covers all perils that are not excluded, i.e., Fire (includes lightning), Extended Coverage (EC), Vandalism and Malicious Mischief (V&MM), Theft, Water, Transit, etc. Some items excluded are normal wear and tear and mechanical breakdown.
What is the current property insurance deductible ?
    The deductible is $5000 per occurrence.
How do I determine the replacement cost of my equipment?
    One way to determine replacement cost is from the purchase order if that equipment has been purchased recently, or if any similar equipment has been purchased recently. Another way is to contact the manufacturer and see what the cost is to replace your equipment with like, kind, and quality. If your unit is no longer available, then get the replacement cost of the next most comparable unit.
When do I notify IRM about coverage?
    You may obtain coverage anytime during the fiscal year. If you already have coverage in place, and you purchase new equipment that you wish to add, notify us as soon as you receive the new equipment. After you have insured equipment with IRM, we will notify you of upcoming renewal and deadlines for submitting a new renewal list. All property insurance renews on July 1 of each year with the N.C. Department of Insurance.
What do I do in case of a property loss where there may be possibly insurance coverage available?
Notify police if a crime may have been committed. Also notify IRM ( Insurance & Risk Management ) by completing the Property Loss Reporting Form by noon of next business day if you think insurance coverage may be applicable. If not sure, contact IRM for assistance.
Does the University have property insurance to cover my personal property on Campus?
    No, as a state institution, the University does not have property insurance that will cover personal and private property
Can our own University Department go out on its own to purchase insurance coverage in the commercial marketplace?

No, as the State of North Carolina has statutory requirements for insurance purchasing by state agencies and institutions . The process of insurance procurement has been centralized and insurance purchasing should be arranged through University Insurance & Risk Management ( IRM ) .Please contact IRM for assistance .

Our University department is using a private facility for a special event or conference and they have requested that we provide them a copy of the Univeristy’s Certificate of Liability Insurance. What do we do?
    Contact IRM for assistance. N C State University, same as other State of North Carolina agencies and institutions self-insures for general liability coverage subject to the North Carolina Tort Claims Act . IRM can assist and provide a document as certification of our liability coverage.
I am a University employee . How am I covered for any general liability that may arise from my actions while doing my job?
    If you are University employee or volunteer and acting with your course and scope of your duties, and your actions are not intentionally malicious , nor pose a conflict of interest with the best interests of the State of North Carolina, coverage may arise from the combination of (1) Defense of State Employees Act , and (2) the Employees Excess Liability Insurance policy. It is important that you are acting within your job duties, thus the importance of a good job description. Additional information is also available through the University Office of General Counsel
I sometimes use my personal vehicle on University Business. Am I covered?
    The motor vehicle liability insurance carried by you on your personal vehicle is considered primary coverage when you are driving your own vehicle. In the absence of such primary coverage, or any other personal motor vehicle insurance coverage is exhausted, the State of North Carolina Motor Vehicle Liability Insurance program may cover on an Excess layer if you were on the job. Remember, it is your responsibility to discuss any business use of your personal vehicle with your own agent to ensure adequate personal coverage.