Property Insurance

Policy Outline

Insured Interest	For material loss of assets being real property, including buildings, plant, machinery, stock and merchandise. Also for loss of revenue, increased cost of working, loss of rental income and additional expense resulting from interruption or interference to the business during the protection period. Protection is subject to certain terms, exclusions, conditions and limitations.
Definitions	-
Conditions	Anywhere in the world subject to the specific sub limits of Protection..
Coverage	Unless the Declared Values for Property stipulate otherwise, coverage is provided for the cost of rebuilding, repairing or replacing property (not otherwise excepted by the cover) having been physically damaged or destroyed. Limitations for separate areas of theft, damage and spoilage apply.
Limit of Liability	Full sums declared subject to a maximum of $1,000,000,000 (subject to sub-Limits as specified in the Certificate of Entry) any one claim or series of claims for protection arising from the one event.
Excesses	Up to $10,000 borne by the Faculty/Division.
Claims	1. Report any incidents of theft and malicious damage to University Security. 2. Request copy of a 'Property - Claims Notification Form' by ringing Ext. 3514 or 3667. 3. When completing the form proof of ownership must be obtained either by Asset number, Tag number, Purchase Order, Invoice Payment or IDR. 4. A quote is also required for a replacement or repairs to the item. 5. Attach quote, police report (where applicable) and forward documentation to Insurance Officer, Locked Bag 1-353 Launceston.

Important Additional Information

Reasonable Care

The University is required to take reasonable care in preventing damage or loss under the terms of its insurance policies. If such care is not taken, there may be no insurance coverage under the policy.

University Equipment taken home

Where the claim is for University owned equipment and the loss or damage occurs at an employee's home, a copy of the authorisation to take the equipment home is required to be attached to the Claim. This authorisation may take the form of a copy of the Loans Register page with the item of equipment listed and signed off or a memo from the Head of Budget centre authorising such usage.

Equipment on Loan from other organisations

Separate coverage is required for items on loan from other organisations.
The cost of this coverage will be charged against Budget Centre funds.
The following details need to be advised to the Insurance Officer prior to the equipment being transported:
1. Details of piece of equipment including value
2. What the equipment will be used for
3. Where the equipment will be used
4. Dates equipment will be used for
5. Where the equipment is being borrowed from
6. How the equipment will be stored when not in use

University Equipment being taken on Field Trips

Where the equipment is being taken outside Australia:
- The cost of this coverage will be charged against Budget Centre funds.
- The following details need to be advised to the Insurance Officer prior to the equipment being transported:
  1. Details of piece of equipment including value
  2. What the equipment will be used for
  3. Where the equipment will be used
  4. Dates equipment will be used for
  5. How the equipment will be stored when not in use
Where the equipment is being taken within Australia:
- Items of equipment are covered under our Insurance Special Risk policy detailed above.
- Where the equipment is used in, on or under the water separate insurance coverage will be necessary. Where such a situation exists, the following details need to be advised to the Insurance Officer prior to the equipment being transported:
  1. Details of piece of equipment including value
  2. What the equipment will be used for
  3. Where the equipment will be used
  4. Dates equipment will be used for
  5. How the equipment will be stored when not in use

Personal Property on Campus

Prior to any personal equipment being used on campus or in carrying on business of the University, authorisation from the Head of Budget Centre must be forwarded to Financial Services.