Insurance and Risk Management Services

Insurance Coverage

The policy covers the following property while in transit:

• Owned by the University.
• Shipped to customers under F.O.B., C & F or similar terms.
• Of others in the actual or constructive custody of the University to the extent of the University’s interest or legal liability (there must be a contract in place).

Exclusions

The policy excludes coverage for property being shipped via:

• waterborne shipments unless by inland water; or by roll-on/roll-off ferries operating between European ports; or by coastal shipments.
• airborne shipments unless by a regularly scheduled passenger airlines or air freight carrier.

The policy excludes mysterious disappearances or any unexplained loss.

The policy excludes loss or damage caused by or resulting from: nuclear reaction; hostile or warlike action in time of peace or war; seizure or destruction under quarantine or custom regulation, or confiscation by order of any governmental or public authority; risks of contraband, or illegal transportation or trade, and terrorism (except to the extent provided by the policy).

The policy excludes coverage when the physical damage is sustained in some countries and regions*. Please review the list below to see if the country of your shipping origin or destination is listed.

The above list is not a comprehensive list, but does define common exclusions. Please contact Insurance and Risk Management Services if you would like to confirm coverage on your shipment.

Claims

If physical damage occurs during a shipment/transit, please contact Insurance and Risk Management Services as soon as possible to initiate a claim. It is very important to take pictures of the packaging and the damaged property/goods.  Claims will be paid in accordance with the terms and conditions of the policy.

Deductible

There is a $5,000 deductible per occurrence, which will be accessed to the unit/department.

Other Insurance Considerations

When shipping property that is:

• Excluded by the University property policy as defined above; or
• Less than $5,000; or
• When the $5,000 deductible is greater than available funds to use for such a purpose; units/departments are advised to insure the property through a shipping, freight or logistics company.

Insurance Coverage

The policy covers the following property while in transit via water and when in warehouse to its final destination:

• Owned by the University.
• Of others in the actual or constructive custody of the University to the extent of the University’s interest or legal liability (there must be a contract in place).

Exclusions

The policy excludes coverage when the physical damage is sustained in some countries and regions, specifically:

1. Shipments to/from those countries which the U.S. Government forbids trade, and
2. Shipments to/from the Middle East, Africa, Russia, the C.I.S. and countries which formerly comprised the Soviet Union, and Mexico, and
3. Shipments made wholly within the same country.

 The policy excludes coverage for the following conditions:

• Wear and tear, marring, denting, chipping, scratching, bending, twisting, rusting, oxidation, discoloration, mechanical & electrical derangement.

Claims

If physical damage occurs during a shipment/transit, please contact Insurance and Risk Management Services as soon as possible to initiate a claim. It is very important to take pictures of the packaging and the damaged property/goods.  Claims will be paid in accordance with the terms and conditions of the policy.

Deductible

There is a $1,000 deductible per occurrence, which will be accessed to the unit/department.

Other Insurance Considerations

The limits are $400,000 on any one vessel and $25,000 on any one barge, so if any item being shipped or the total is in excess of these limits, Risk Management would need to let the underwriter know.

 If shipping to a country or region excluded by the policy, please contact Insurance and Risk Management Services to get a quote to add the coverage; any extra cost would be incurred by the department.

 When shipping property that is:

• Excluded by the University ocean cargo policy as defined above; or
• Less than $1,000; or
• When the $1,000 deductible is greater than available funds to use for such a purpose; units/departments are advised to insure the property through a shipping, freight or logistics company.