How do I insure my equipment?
Complete an IRM-01 All Risk
Equipment Listing Form and submit to IRM to bind all risk coverage. Include description,
serial number, location, and value (replacement cost). Complete separate lists, one for computer
and one for miscellaneous (separate rates apply).
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 are the rates for All Risk insurance?
Computer All Risk is $ .24 per $100
value. If you add-on during the year after renewal, the rate is half the annual rate which is
$ .12 per $100 value. For Miscellaneous All Risk, the rate is $ .40 per $100 value and add-on rate
is $ .20.
Who pays the premium?
The University department
requesting the coverage pays premiums for “All Risk” insurance. All Risk coverage is not mandatory.
It is a department’s business decision. The requesting department completes a pre-authorization
form with their project number and signature and returns it to IRM, which gives IRM permission to
IDT their account.
What is the All Risk 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 loss?
If it is a theft loss, and breaking
and entering has occurred, contact Public Safety immediately. If it appears a unit is missing,
check with other personnel to see if someone in the office may have it, or relocated it. After it
has been determined that a theft has occurred and Public Safety has been contacted, then notify
IRM of the loss by noon of the next work day following the discovery of the incident. IRM has an
obligation to notify the Department of Insurance as soon as a loss occurs.
