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Property Insurance
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Frequently Asked Questions
| Q. What level of cover is provided for loss or damaged
property? |
A. The policy provides for replacement equipment to be
purchased at full reinstatement value. Replacements must
be of a similar nature, style, model and value to that which
was lost or damaged.
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| Q. What excess's apply to the policy? |
A. The policy is subject to a $20,000 excess that applies
to all property claims. Up to $10,000 of this excess is
borne by the Faculty/Division.
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| Q. What happens if my Budget Centre receives a piece of
equipment on loan? |
A. If your Budget Centre takes delivery of a piece of equipment
on loan, and the University has a duty to insure it, please
contact the Insurance
Office by completing the Additional Insurance Request
Form. It may be necessary to place additional insurance
for which any additional cost will be charged to the Budget
Centre.
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| Q. Is University equipment taken off campus insured under
the policy? |
A. In the event of an insurance claim, a copy of the internal
loans register must be provided with the claim form, to
provide evidence that the piece of equipment was fully authorised
to be off campus at the time of the incident. Where this
cannot be provided, a memo from the Head of Budget Centre
will be required.
Where the piece of equipment is being taken interstate
and/or overseas, additional insurance may be required. In
this circumstance please contact the Insurance
Office by completing the Additional Insurance Request
Form.
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| Q. Are employee's personal property covered under the policy,
whilst on University campus? |
A. The University's insurance policies do not normally
cover the property of employees. Insurance cover for these
items is the responsibility of the individual.
In some cases however, the University will provide cover
for personal property if the items in question are being
used in relation to University work at the request of the
University. This cover will only be provided if details
of the equipment are given to the Insurance Officer along
with approval from the Head of Budget Centre. An excess
of $20,000 will apply in these circumstances. Up to $10,000
of this excess is borne by the Faculty/Division.
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| Q. Can University equipment be hired out to outside organisations? |
A. The University will not cover for insurance purposes
University equipment that is hired out to outside organisations.
For further information, please contact the Insurance
Office.
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| Q. Are there any exclusions or limitations in the policy
that I should know about? |
A. Exclusions and limitations of the policy may change
from time to time. The policy
outline should be referred to.
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