How Do I Obtain Property Transit Insurance?
Transit property insurance is used for insuring owned University property being shipped from one location to another location. Our University (State) property insurance coverages extends to cover University owned property shipped by auto or air such as UPS, FedEX, etc. but not the U.S. Postal Service unless the property is shipped by Registered mail (due to cost not recommended). This transit property insurance has replacement cost coverage subject to a $2,000 deductible per covered loss. The insurance deductible is the responsibility of the applicable University department.
- Since there is a $2,000 deductible we recommend University departments purchase property insurance with the preferred shipping company up to that $2,000 amount.
Our RM&I office recommends that University departments not accept responsibility for property insurance coverage and/or liability for property (goods) until we actually receive the property and it is within our care, custody and control, unless absolutely necessary. To do otherwise can make us responsible for property before we have received it. Normally, the owner of the property should be responsible for their property until its possession is transferred to the University. Should any questions arise about who should be responsible for this property prior to our receipt, please contract our RM&I office.
Before arranging for any transit shipment abroad that would use a boat/ship conveyance, contact our Risk Management and Insurance office first, as there are some specific insurance policy conditions and terms that need to be reviewed before insurance coverage can be confirmed.
Non-owned University property (borrowed or loaned) while within the care, custody or control of the University, including rental property, an also be insured for transit insurance coverage, however, non-owned University property can only be insured through our University (State) property insurance program if it is mutually agreed to in writing by the owner of the property and the University. See a sample of a Fine Arts non-owned Loaned Property Agreement Form.
- Non-owned University property for transit shipment by auto or air
must first be reported to our RM&I office, separately
scheduled for insurance coverage and reported to our State Insurance
Administrator's office by our RM&I office. We need to know the
following information:
- Receipt of the written agreement or contract requiring the University to insure the property in transit.
- The general description of the property
- The replacement cost value of the non-owned property
- The dates of transit
- The name, address and phone number of the party receiving the transit shipment.
As noted previously in the Certificates of Insurance section, should a non-owned University property owner require a property or liability certificate of insurance, please contact our RM&I office.