Property Insurance

Coverage Overview

The university is self-insured for the first $500,000 of any property loss to either real property or business contents/equipment effective 7/1/2013. This program provides coverage for all causes of loss except normal wear and tear.

The following is a description of the coverage; however, coverage issues will be governed by the language of the university's commercial property coverage.

All real property and university-owned business contents and equipment are covered except for the following:

• Licensed vehicles.
• Personal property and equipment owned by employees.
• Data of any kind (for example - diskettes would be covered but not the cost of recreating the data on the diskette).
• Fine arts, rare books and specialty items unless scheduled with the Office of Risk & Insurance Management. These are generally items on which the intrinsic value is significantly different from the actual cash value.
• Miscellaneous portable equipment is not covered for mysterious disappearance.  This includes but is not limited to: ipads, laptops, LCD projectors, Class Room Participation system components, overhead projectors and cameras.  There must be evidence of forcible entry or severed tie-downs before coverage applies.
• Deductible: There is a $1,000 deductible that is the responsibility of the department that sustains the loss excluding Boiler and Machinery losses. Boiler & Machinery losses including the Solar Gas Turbine are also insured commercially with a $250,000 deductible.

Reporting a Claim

All losses other than theft are to be reported immediately to the appropriate campus contact by using the University of Missouri Damage Report, Form-69. Theft losses are to be reported immediately to the University Police Department and a Loss of Money, Securities and Property Report, Form UM-155 must be completed and forwarded to the appropriate campus contact along with a copy of the campus police report.

Proof of Loss should be attached to the initial report. In all cases Proof of Loss will be required prior to settlement of the loss. Proof of Loss includes, but is not limited to; copies of purchase orders, inventory listings, replacement invoices, IDO's or bookstore requisitions, etc.

All Theft or Mysterious Disappearance claims will be held for 30 days from the date of report to allow time for the "missing" items to be recovered. If items recovered are damaged the loss will then be treated as a damage claim. If the missing item is recovered after the claim has been adjusted, the UM Office of Risk & Insurance Management has the option to the residual value of the recovered item.

Property Claim Process Example

Submit the initial Damage report or Theft report immediately

Include the following items to document the claim:
(Submit these additional items as they become available)

• Proof of ownership document
• Replacement/repair detail document
• Police report (if applicable)
• MoCode for settlement

The replacement is normally purchased by the department through appropriate Procurement channels and settlement is reimbursed to the department's MoCode after the fact.  Settlements are based on comparable replacement cost (like, kind and quality) less the $1,000 deductible. If an item was damaged and will not be replaced, the insurance owes for the actual cash value of the item.  The settlement is handled as a Journal Entry crediting the department's MoCode.  At that time, an email will be sent to the department contact confirming the transfer and amount.

Normally, damaged items are sent to Surplus on UM27 once the claim has been settled using the Property Self-insurance MoCode. Any proceeds from Surplus are returned to the self-insurance fund.