Property Insurance Coverage for Losses to RIT Equipment
RIT maintains property insurance covering losses to RIT buildings and contents. RIT maintains a $500,000 deductible on this property policy, therefore, losses that occur with values totaling less than $500,000 for any one incident are considered self-insured by the Institute.
The affected department, college and/or division is expected to absorb the first $5,000 of any one loss, while central Institute reserves have been established to fund replacement costs that fall between the range of $5,000 and $500,000.
Process for Requesting Reimbursement for Replacement Equipment Costs
- A Campus Safety incident report must be taken for each loss.
- Contact the Office of Risk Management at x5-6135 to confirm your intention for replacement of the damaged/stolen items.
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Replacement costs for these items must exceed $5,000 to qualify for supplemental funding from central reserves. It is the intent of this process to reimburse a department for replacement items that are of "like kind", therefore, reimbursement will not be processed for equipment upgrades unless:
- the replacement costs are equal or less than the original item, or
- the original item cannot be replaced because it is no longer available and upgrading is the only option.
- After replacement purchases have been made, provide the Risk Management Office with a cover memo referencing the incident and department's intent to request reimbursement. Include copies of invoices for the replacement items. Be sure to indicate the department account number you wish credited. This information may be directed to the Office of Risk Management, Eastman Bldg., Rm 4008.
- Please note, central funds will not be provided unless there is actual replacement of the damaged or stolen items.
Any questions about this process may be directed to the Office of Risk Management at (585) 475-6135.
