Insurance Department

Policies and Claims Procedures

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The following is a brief description of some of the University's Insurance Policies and Claims Procedures. These sections are intended to serve as a reference guide in providing information on insurance policies and procedures and to answer some essential questions regarding the University's insurance policies.

It is important that you contact the Insurance Department if you have specific questions regarding these policies, procedures and claims reporting.

Builder's Risk (Construction)

Policy Description:
The Builder's Risk Policy provides insurance for University buildings during construction and for materials on site to be used for construction. A department must purchase Builder's Risk Insurance for any building under-going Capital Project Renovations or high exposure renovations. A department should contact the Insurance Department to discuss any renovations or construction over $100,000 or for any work on a building that poses a greater risk or exposure to the building such as structural changes, involved electrical or mechanical work.

Department Procedure:
There is a greater risk that a loss will occur to a building during renovation and construction. Due to this risk, the building is taken off the Self-Insured Property Program and a commercial insurance policy, called Builder's Risk Insurance, is purchased for the period the University building is under construction. A Builder's Risk Request Form must be completed by the department's project manager and submitted to the Insurance Department prior to the start of the project. A Builder's Risk premium is charged to departments and is based on the dollar amount of the renovation/construction, the type of building, and length of time the work is being done.

The Builder's Risk Policy provides coverage for the University-owned building. Coverage does not extend to the contractor/subcontractor and/or their equipment. Per the A.I.A. (American Institute of Architects) Contract, general contractors must show evidence of the following insurance before doing work at the University:

Architects and consultants are also required to have an Errors and Omissions Policy.

A Certificate of Insurance evidencing this coverage must be given to the project manager prior to the work beginning.

Claims Procedure:
The Insurance Department must be notified as soon as possible and a Property Loss Claim Report must be submitted.