Insurance Coverage for University Property

Northwestern University maintains a combination of self- and commercial insurance that will pay for the repair or replacement of University-owned property that is damaged or lost, subject to a 10% deductible. The minimum deductible is $500.00 ($1,000 for electronics) for each insurable loss (examples of exclusions include normal wear and tear, improper disposal of hazardous waste, war and nuclear contamination). No deductible will be charged when the loss results from a criminal act that includes forced entry to the premises from which property is removed. All thefts from vehicles, however, are subject to deductibles. It is important to note that insurance provided by the University only covers University-owned property. Property owned by faculty, staff and students must be covered by the owner of the property. The University bears no responsibility for property it does not own.

Filing a Claim

Reporting a loss and completing the claim form are departmental responsibilities. The loss must be reported to the Office of Risk Management within 48 hours either by telephone (847-491-4334) or email (l-roth@northwestern.edu). The claim must be filed using the University’s claim form (obtainable by calling Risk Management at 847-491-4334 or directly from the Risk Management web site (http://www.northwestern.edu/risk/propform.pdf). No claim will be accepted unless it is reported to the Office of Risk Management within 48 hours of the loss and the claim form is received by the Office of Risk Management within 30 days of the loss.
Theft of University-owned property must be reported to the University Police Department (or police department in whose jurisdiction the theft occurred) immediately to facilitate an investigation of the loss.
Damaged or lost equipment must be repaired or replaced by the department before any reimbursement to the department can be made. It is the department’s responsibility to furnish copies of original invoices and/or purchase orders for both the original property that was lost or damaged and for the replacement property.
Written documentation and/or damaged items are required for review prior to the settlement of the claim. Failure to provide required documentation within 180 days of the loss will void the claim.

Unique Property Insurance

Two lines of property insurance require special attention.

Works of art, rare books, musical instruments, and other objects of exceptional value require special coverage known as Fine Arts Insurance. To be properly insured, full disclosure is required of these items including descriptions and detailed valuations (that may include department funded appraisals). Because there is significant turnover of these items (many are donated and quickly sold), tracking and insuring them is an ongoing challenge. It is the responsibility of the department in possession of fine arts to notify the Office of Risk Management so that coverage can be triggered. For further information regarding Fine Arts Insurance, please contact the Office of Risk Management.

Builder’s Risk insurance is provided for renovation and construction projects. Project Managers must notify the Office of Risk Management prior to commencement of the project to obtain appropriate coverage.

			Search Risk Management Web Site


	RISK MANAGEMENT

Property Insurance Policy and Procedures

Filing a Claim

Unique Property Insurance