Applies to all university departments and activities.

General Policy

Both acquisition of, and loss claims for, this group of insurance are handled by the Risk Management Office in Financial Services. University property insurance coverage is provided through the Office of the Commissioner of Insurance of the State of North Carolina. All insurance concerning a state agency must be acquired through, or with the approval of, the Insurance Commissioner's office.

Self-Propelled Motor Vehicles

Liability coverage is provided by Travelers Insurance Company under a master policy for all state vehicles. Insurance policies on cars and trucks have liability limits of $100,000, $200,000, $100,000. The maximum liability of the state for each accident is $100,000 per person for bodily injury; $200,000 for bodily injury for five or more persons; and $100,000 for property damage. The aggregate limit of liability for any one accident is $600,000 for buses; $450,000 for "mini-buses" or station wagons; and $150,000 for other vehicles. Additionally, collision coverage is provided for the Athletic Department bus and station wagon, and comprehensive coverage is provided for all vehicles.

The coverage is extended to all university vehicles, including riding lawn mowers, sweepers, and Cushman-type vehicles.

Coverage for university-owned vehicles is automatically afforded for newly acquired motor vehicles and deleted for motor vehicles disposed of during the year. (See Procedure ACG 2.20). In order to determine the premium adjustment, the Risk Management Office annually reports to the Insurance Company the number of motor vehicles owned by the university. This report includes any self-propelled motor vehicle operated on land, passenger vehicles, commercial vehicles, trailers designed for use with commercial vehicles, and emergency-type vehicles. Any acquisition or disposition of motor vehicles of this type must be reported to the Risk Management Office by the department head/director.

Prompt Payment of Obligations

Liability coverage is provided through the Insurance Division of the State of North Carolina. Bodily injury liability and property damage liability totals $500,000 each occurrence. Additionally, liability coverage is provided on the dockage space leased by the university at Gulf Stream Marina.

For purposes of reporting to the Insuring Agency and in order to allocate insurance costs, the Risk Management Office must be notified by the department head of any acquisition or disposition of boats. The Risk Management Office maintains the following information, and any changes must be reported to that office:

• Boat type
• Department to which the boat is assigned
• How often and where the boat is used -Where the boat is docked
• Primary users of the boat

Buildings and Building Contents

Fire and extended coverage is provided for each university building through the State Property Fire Insurance Fund. Both the building and its contents are insured.

By North Carolina Statute G.S. 58-192, it is the duty of the Risk Management Office to inform the North Carolina Insurance Commissioner, in full detail, of the value of the university buildings and their contents. The State Property Insurance Fund will not be responsible for any contents loss in any building exceeding $50,000 unless they have been notified in writing of such value. Therefore, any changes in property or its location or surroundings must be reported immediately by the department head to the Risk Management Office.

All-Risk Insurance

All-risk insurance is available through the State Property Fire Insurance Fund for additional coverage to university property above and beyond the fire and extended coverage on buildings and building contents. Protection afforded under this policy includes damage caused by water, fire, vandalism, malicious mischief, riot, smoke, explosion, aircraft, vehicles, etc. but does not cover flood damage or theft. To purchase all-risk insurance, the request (including a list of equipment with serial numbers) must be furnished by the department head to the Risk Management Office. Acquisition of all-risk insurance must be handled by the Risk Management Office. Departmental accounts will be charged for the insurance premiums. There is a $500 deductible for all-risk insurance.

Theft Insurance

Theft insurance may be purchased for any equipment belonging to the university. It is more expensive than other forms of insurance and is subject to a $1,000 deductible per loss effective July 1, 1987. Departments should contact the Risk Management Office to obtain a quote on items they might wish to cover.