Property Insurance

NCDOI Property Insurance Options (NC Department of Insurance)

Key Property Insurance Reminders

1.By statute, university-owned property assets are required to be insured for the perils of fire and lightning. Insurance is provided through the State Property Fire Insurance Fund, which is administered by the North Carolina Department of Insurance. As a state institution, the university does not carry property insurance for the personal property of students, faculty, staff, visitors, and other private individuals. 2.General-funded departments are not charged for the fire and lightning property insurance coverage. Receipts-funded departments are charged for the fire and lightning coverage. 3.University departments have the option to purchase additional property insurance coverage, through Insurance and Risk Management (IRM), for other perils such as wind, hail, theft, vandalism, accidental discharge of water from plumbing sources, and sprinkler leakage. Business Income coverage, including Extra Expense coverage can be purchased. If your department does not purchase such coverage, then the applicable property loss exposure and risk is retained by your department. 4.Property insurance options, for your business consideration, include Extended Coverage (named perils), Broad Form Coverage (expanded named perils), and Special Perils Coverage (all-risk with standard exclusions). 5.University departments also have the option to purchase insurance for specifically scheduled items. Scheduled “all-risk” coverage can be purchased for two categories of property assets. The first category is “Computer All-Risk” which is designed to cover computers and electronic peripheral items. The second category is “Miscellaneous Equipment All-Risk“ coverage for items such as video and sound equipment. 6.An important reminder, please contact IRM if your department relocates property assets to another location. Property insurance coverage is location-specific. 7.Please also notify IRM when your department acquires any major acquisition of equipment assets or other furnishings. It is important to maintain adequate coverage amounts at a specific location in the event of a total loss. It is the responsibility of each department to notify IRM of such asset acquisitions for insurance valuation purposes. 8.If you do not handle property insurance matters, we request that you please forward this information to the key person in your department who does. 9.Additional property insurance information is available on this site. Please contact IRM at 919-515-1540 for further assistance in reviewing your department’s insurance needs.

NCSU Insurance and Risk Management :: Property Insurance Policy Options.

Options Available to NC State University Departments For a Premium Charge By Type of Property Policy Other Than Inland Marine (August 13, 2006)
Fire Yes Yes Yes Yes Yes
Lightning Yes Yes Yes Yes Yes
Wind No Yes Yes Yes Yes
Smoke No Yes Yes Yes Yes
Hail No Yes Yes Yes Yes
Explosion No Yes Yes Yes Yes
Smoke Yes, if fire Yes Yes Yes Yes
Accidental Water Damage/Burst Piping No No Yes Yes Yes
Vehicles No Yes (except by owned or used vehicles) Yes (except by owned or used vehicles) Yes Yes
Theft No No No Yes Yes
Vandalism No No Yes Yes Yes
Collapse No No Yes, if from weight of snow/ice. Yes Yes
Electrical Surges/Injury to Equipment No No No No Yes, if caused within 1,000ft of location.
Surface Water/Flood* No No No* Can be purchased separately. No* Can be purchased separately. Yes, for scheduled items.
Sudden Interior Water Damage – Roof Leak (< 14 days) No No No Yes Yes
Water Damage From Melting Snow & Ice No No No Yes Yes
Earth Movement No No No No No
Sprinkler Leakage* No No* Can be purchased as a separate peril. Yes Yes Yes
Mechanical Failure No No No No No
Falling Aircraft No Yes Yes Yes Yes