Insurance Coverage - Property and Liability
To reduce the financial risk exposure through purchased insurance policies and to outline procedures related to certain insurance coverages.
Applicable university-wide for insurance related to property losses and public liability. The exact scope and any related exceptions for the various insurance coverages are outlined in the individual insurance policies. These may vary from insurance policy year to insurance policy year.
This policy does not cover insurance related to personal losses.
Risk and insurance relating to off-campus use of equipment is covered under the Policy on Off-Campus Use of Equipment.
Personal possessions of students and University employees are NOT covered by University insurance policies. Exclusions are NOT acknowledged other than those written into the individual policies as negotiated by the insurance broker and the University.
Memorial University insures all property within its care, custody and control. The deductibles, per occurrence, have been set within each insurance policy. The coverage is intended to cover for catastrophic losses rather than minor losses which can be considered routine for an operation the size of Memorial.
Enterprise Risk Management makes all arrangements for insurance, and corresponds with insurers and adjusters.
Insurance Coverage is obtained for a number of general exposure categories.
All insurance coverage is purchased on an annual basis.
The cost of the insurance policies is charged, where feasible and practical, against the operating budgets identified as benefiting from the coverage.
Replacement cost values have been estimated based upon square footage and usage of each building, as recorded in the University's Fixed Asset Inventory.
Adjustments have been made to these values for known pieces of equipment that are valued in excess of the norm.
All property losses are funded by the department responsible for the property, up to ten (10) percent of its non-salary budget for the year, per occurrence, to a maximum of $10,000 per occurrence.
The University's Property Self-Insurance Trust Fund is used to fund the difference between the department's share of the loss and the deductible. Depending upon the circumstances of the loss and frequency of claims activity, The Faculty Research and Education Trust Fund and/or the departmental funds may be requested to meet a portion of the loss. All decisions on funding of losses will be discussed with the Director of Enterprise Risk Management with final approval being provided by the Vice-President (Administration and Finance).