Insurance Loss

Building Coverage

The principal buildings on campus are insured for their replacement value. Buildings which would not be repaired or replaced in the event of loss are insured for the actual cash (replacement cost less depreciation)

Contents

All contents (University owned as well as those on loan to Purdue) are insured for their replacement value, as follows:

  • While on campus property or with in 1,000 feet thereof.
  • While off campus for service or repair. Coverage applies both while in transit and at the off-site location.
  • While in transit to or from Purdue --- for other than service or repair-- within the Continental United States, Puerto Rico or Canada. Coverage Limits is $1 million per shipment.

Note:There is no coverage for property shipped by mail.

All buildings and contents are insured under a very broad policy which includes the perils of fire, lightning, flood, earthquake, wind, explosion, water damage, collapse, vandalism, theft, and accidental damage.

Deductibles apply on a per-occurrence basis to losses resulting from theft, vandalism, flood and earthquake. Repair or replacement cost within these deductibles is the responsibility of the controlling budgetary unit.

Loss Reporting

Loss or damage at any University location, as well as damage which occurs to contents away from owned premises, should be reported to Tom Adams in Safety and Security at the West Lafayette Campus. That individual will arrange for inspection of the damage, will inform Risk Management, and will coordinate repair/replacement and the filing of claims. Tom may be contacted at 496-7922 or at teadams@purdue.edu.

Theft or Vandalism

Loss involving theft or vandalism must be reported immediately to the law enforcement agency having jurisdiction.
FAILURE TO DO SO MAY RESULT IN THE DENIAL OF COVERAGE.

Property Located Off Campus

A Property Management Form 12 must be completed and on file for items removed from campus premises in order for coverage to be in force. If a department wishes coverage to be in place for property located in another country other than the Continental United States, Puerto Rico or Canada, a premium will be charged to the account listed on the Form 12.

Property Not Owned But In Purdue Care, Custody, or Control

In order for coverage to be in force for property not owned by the University but in our care, custody and control, either a gift and loan report or lease agreement must be on file.

Items Valued At Less than $2,500

Items valued at less than $2,500 are no longer inventoried by Property Management; therefore, there will be no Purdue identification number to refer in the event of loss. Therefore, departments will need to retain proof of purchase of acquisition for the life of such items. Acceptable documentation would include purchase orders, invoice vouchers, gift and loan reports, and lease agreements.