Procurement Tip of the Month – What’s Covered by UF Insurance?

UF owns and rents millions of dollars of business property and equipment. A frequent question that comes up is, if property is damaged, is it covered by insurance? Below are some of the types of insurance coverages available to UF departments and colleges. A complete list can be found on the EH&S Insurance and Liability website.

State Property Insurance

UF’s property insurance through the State of Florida covers damage from the following perils: Fire, Lightning, Explosion, Windstorm or Hail, Smoke, Aircraft or Vehicles, Riot or Civil Commotion, Sinkhole Collapse, and Flood (surface water).

• Coverage is Actual Cash Value (replacement cost less depreciation) less any deductible.
• Flood does not include plumbing, HVAC, sprinkler, roof, or window leaks.
• Property is only covered while inside or within 100 feet of a UF-owned building.
• Coverage only applies to UF-owned property.

Computer, Medical and Scientific Equipment

This optional insurance policy covers owned or rented computer, medical, and scientific equipment. Items must be scheduled and reported on the policy to be covered.

• Rates start at $0.04 per $100 of coverage for owned equipment and $0.33 per $100 for rental equipment.
• This is replacement cost coverage and additional perils like water damage, theft, and power surge are covered.
• Values are reported on a quarterly basis to EH&S.
• There is coverage for items in transit up to $50,000.

Heavy Equipment

Departments or colleges that rent heavy equipment (tractors, bulldozers, forklifts, cherry pickers, etc.) can purchase insurance to cover the period of the rental.

• This is replacement cost coverage and additional perils like water damage, theft and power surges are covered.
• Values are reported on a quarterly basis to EH&S.

For more information visit the EH&S Insurance and Liability website. If you have a specific request or question, email or call Brian Hunt at bhunt@ehs.ufl.edu or 352-392-1591.

 

 

**REMINDER**

Don’t miss Elmore Hall’s Second Annual Back to School Open House on Friday, September 13^th from 1:30-4:30pm. Meet the experts on: myAssets, myUF Marketplace, myPayment Solutions, Travel and Expenses, Supplier File, POs, Vouchers, Effort Reporting and Commitments, Space Allocation, Construction Accounting, Quality Assurance, and UF Surplus and preview the upcoming myUFMarketplace.  Take a tour of the UF Surplus warehouse!

 

November 14^th from 11:00AM to 1:00PM is Procurement Services’ Contract Supplier Showcase. Join Procurement and Pcard Staff in the Reitz Union Grand Ballroom to meet a wide variety of UF Contract Vendors.