University property, including buildings and contents of buildings, equipment owned by other organizations, University-owned property located off campus, and motor vehicles with a value in excess of $100,000, is covered, in general, by insurance provided by the State Insurance and Risk Management Board. The types and amount of insurance coverage vary, and are determined by the State Insurance and Risk Management Board using the valuation of all real and personal property summarized on the Fixed Assets/Property Inventory Report/GAAP Reporting Form CO-59. The Accounting Office completes this form annually, as of June 30, and submits it to the State Comptroller. The information in this report is based upon the information in the fixed asset system.
The State of Connecticut has a very high deductible for certain property claims. For damage to buildings, the University of Connecticut has a $250,000 deductible. If equipment is listed on a schedule to the Master Property Policy, this deductible is reduced to $25,000. In some instances, separate insurance for specific equipment can be reasonably purchased, or equipment may be added to the schedule of insured items. It is recommended that those items of equipment with a value in excess of $100,000 be added to the schedule of insured items. Contact Melissa Frank for more information at Melissa.firstname.lastname@example.org or (860) 486-0621.