Insurance: Policies and Procedures

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.

Contents/Equipment Insurance

Policy Description:
The Open Marine Permanent (O.M.P.) Policy is a commercial insurance policy available to departments for insuring their equipment and contents. Many departments choose to purchase this optional Equipment/Contents insurance to guarantee that there will be money available, through insurance reimbursement, to replace their items of value in the event that there is a major loss to a building or if there is a loss due to theft.

Departments may also purchase short term insurance for items on loan, rented, leased, shipped or transported. Property of others for which we are legally responsible can also be insured under a short term policy.

Department Procedures for Insuring Harvard-owned Equipment/Contents:
This policy is intended to cover Harvard owned equipment/contents in Harvard owned or occupied buildings. To obtain this insurance, complete a Request for Equipment/Contents Insurance Form and submit it to the Insurance Department. Items must be scheduled (listed) on the policy to be insured. It is recommended that each department determine items of value that they would want to replace if a loss occurs and consider insuring those items. Departments usually insure computer hardware, software and audio/visual equipment. However, we also have departments insuring antique furniture, oriental rugs, musical instruments and racing shells.

Setting Up a New Policy

To set up a new policy, send in a lisiting of your items with the following information:

Item description (make, model, serial number Location
Replacement value of each item
Grand total of replacement values
Department/school
University mailing address
Contact name & phone number
33 digit billing code

Adding or Deleting Equipment to Policy

You can add or delete equipment on your policy at any time during the year. Simply send written correspondence to the Insurance Department referencing your policy number and indicating the item description (make, model, serial number) and replacement value of any item that you would like to add or delete. This policy renews automatically each year and we will request an update list from you annually. You may also submit a new master list at any time to replace old, outdated lists.

Effective Date of Insurance

Insurance for the item/equipment is effective the day the request is received in writing by the Insurance Department. All necessary information must be included in the request for items to be insured. Equipment/item can be cover for transit if the Insurance Department is notified in advance of the travel itenerary (dates and means of transportation/shipping)

Department Procedure for Insuring Rented or Leased Equipment and/or Items on Loan:
There is a Short Term Policy available to insure items that the department does not own but may be responsible for if a loss occurs. Departments should be aware of the fact that they may be responsible for items on loan, exhibit or rental. Carefully review all agreements and contracts prior to sigining and if possible have a written agreement that clearly establishes responsibility for the item/equipment as well as the replacement or maximum value of the item in the event of loss.

When artwork needs to be insured, a Short Term Exhibit Form should be filled out and submitted by the lender prior to the exhibit. It is important that the value of the artwork be agreed upon between the lender and the University before a loss occurs. These items must be scheduled (listed) on the policy to be insured. Transit insurance can also be requested on this policy.

The Open Marine Permanent Policy is renewed automatically each October 1st with the total value and list of equipment on file as of that date. A policy will not be canceled unless the Insurance Department receives a written request from the department.

Claims Procedures:
Departments must submit an Equipment/Content Loss Report as soon as practical after a loss occurs. A police report must be included if the loss is due to theft.

This policy provides replacement cost in the event of a loss and will reimburse the cost to repair or replace the equipment, which ever is the lesser amount. Actual Cash Value (deduction taken for age) will be paid if the department does not intend to repair or replace. If the same type of equipment is no longer available, the department will be paid the cost to replace with a similar item that performs the same or similar functions.