What type of coverage is provided by the Equipment Policy?
The equipment insurance policy pays for direct physical loss or damage to scheduled miscellaneous articles caused by or resulting from a peril not otherwise excluded. The intent of the equipment policy is to supplement coverage provided by the Comprehensive Property Protection Plan (CPPP).
What type of property is the Equipment Policy intended to cover?
The list includes, but is not limited to the following: audio/visual equipment, computer equipment, copy machines, medical equipment, scientific equipment, and telephone equipment.
What type of property is NOT covered by the Equipment Policy?
The list includes, but is not limited to the following: accounts, bills, deeds, valuable papers; aircraft, motor vehicles, trailers, semi-trailers or motorized watercraft; jewelry, watches, furs, bullion, precious metals, stones or gems, stamps or coins; money, notes, securities; property towed by aircraft.
What about Antiques?
The policy is not intended to cover antiques. Antiques should be covered under the Systemwide Fine Arts Policy.
What about Furniture and Fixtures?
The Office of Risk Management discourages the use of the Equipment Policy to cover Furniture and Fixtures unless required by a lease agreement. Most of The University of Texas System Institutions rely on the Comprehensive Property Protection Plan (CPPP) to cover their furniture and fixtures.
What is considered Furniture and Fixtures?
Examples are desks, tables, desktop items, chairs, shelves, wall hangings, modular furniture, carpets, certain office equipment, lamps and other lighting fixtures.
What about Musical Instruments?
If needed, musical instruments can be covered under the Equipment Policy but at an agreed value.
Will the Equipment Policy cover equipment loaned to students, faculty, or other entities?
If the equipment is scheduled, the policy will cover items loaned to others. A preferred option is to make the other party responsible for the equipment coverage and require a certificate of insurance from them with The University of Texas listed as a loss payee.