Property Insurance Coverage
Property Insurance Coverage
Property Insurance Coverage for WVU is provided by BRIM under a comprehensive perils property insurance policy. If the specific property is not excluded, and the peril that caused the loss is not excluded, in most circumstances, the loss is covered. Replacement cost coverage (up to the value reported to BRIM) is provided for buildings, and business personal property (contents) by location. Business personal property temporarily off premises is also covered up to the reported value for the building where the property is normally kept. Coverage for related claims, such as theft of money and securities, employee dishonesty, business interruption and extra expense is also provided under this policy.
WVU maintains a list of owned buildings and leased locations with BRIM. The value of each building and the contents within each building is reported to BRIM by Risk Management.
All claims are subject to a $2,500 deductible per occurrence.
Certificate of Property Insurance - A Certificate of Property Insurance that provides a brief outline of the coverage provided by BRIM is available via the link provided above.
Claims should be filed following the directions provided in the Claims section of the Risk Management website. At times, multiple departments may suffer a loss as the result of one occurrence. While the individual department may not incur a loss exceeding $2,500.00, the sum of the various losses may exceed the deductible. Other times, the department may not actually know the extent of the loss. When in doubt, a claim should be filed with Risk Management for submission to BRIM. BRIM will assign an independent insurance adjuster to evaluate the claim to determine if the loss exceeds the deductible.
Major Property Loss
A major property loss should first be reported to the WVU Facilities Management or the Health Sciences Facilities Management Department, depending upon the building involved. The WVU Department of Public Safety should then be contacted, followed by contacting Risk Management to file an Insurance Loss Notice. Reasonable steps should be taken to prevent further damage to property, such as providing a protective cover against the weather where possible, or removal of undamaged contents to a safe and secure temporary location. The costs for measures taken to reduce or limit the size of a loss will be included in the overall adjustment of the claim.
When Property Insurance Values Increase
Anytime there is an increase in the value to a WVU owned building or to the contents contained within the building, the increase should be reported to Risk Management. Risk Management will forward the increased value to BRIM via their web program as soon as it is received. In addition to inflation, a significant renovation or addition to an existing building can increase the value. BRIM relies on WVU to keep reported building values current, and there is no automatic inflation factor applied to existing buildings. Anytime a significant purchase of equipment or supplies is added to a building, the property insurance value for the contents of a building should be increased. This can result from the purchase of one or more large pieces of equipment, or from the sum of a number of smaller purchases.
Newly Constructed, Acquired, or Leased Property
Newly constructed property should be reported to Risk Management when the building is substantially complete. This information should be reported via Request for Property Insurance [pdf] developed for this purpose. The RMI-20 form must include the replacement cost for the building and its contents so they can be reported to BRIM to request property insurance coverage. An RMI-20 form should be used to report newly acquired buildings to Risk Management as soon as the acquisition date is known. An RMI-20 form should also be used to report leased locations to Risk Management when a lease is signed for occupancy of the building.
Property Insurance Policy
A copy of the complete property insurance policy for State agencies can be found at the following website: State Property Policy [External Link]