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The equipment coverage provides for loss or damage caused by any peril not otherwise insured, including theft, but not general wear-and-tear and gradual deterioration. The College's blanket all-risk insurance provides coverage for all College-owned items, with a replacement value in excess of $1,000, such as:
- Cameras/videos
- Radios/transmitters
- Musical instruments
- Scientific equipment
- Computer equipment (other than mission critical)
- Laptop computers
- Boats
Unless other equipment is lost as part of a larger occurrence of property damage, certified losses other than mission critical computers are self-insured, and replacement or repair for losses in excess of $1,000 is funded from a property loss reserve managed by OIRMI. The department submitting the claim is responsible for the first $1,000 of each occurrence. Claims must be certified by either Safety & Security or FO&M as an incidence of theft, accident or other property damage. Claims occurring off-site must be certified by the appropriate local authorities. Computer software is not covered under this policy.
All departmental equipment should be carefully secured when not in use. Computer equipment hardware and accessories must also be equipped with approved safety kits or otherwise secured against theft.
Insurance for mission critical computers must be purchased through OIRMI, which maintains a separate policy for this type of property (including media). The department is charged for an allocable portion of the premium for this insurance. Departments having other highly specialized equipment should discuss their special needs for this type of property with OIRMI to make certain that it is adequately insured.
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