The Office of Grants Management calculates the premiums and submits the requisition with supporting data to the Accounts Payable Office for payment. This documentation is mailed to the insurance carrier with the check. Payment of the deductible is the responsibility of the campus department and will be paid out of appropriate account funds as designated by the project director. Depreciation For most equipment, value decreases with age. Appropriately decreasing the value of the equipment with time lowers premiums and makes for maximum fiscal economy.
Depreciation is accomplished at the discretion of the project director.
As a policy, the Research Foundation encourages project directors to consider that coverage should secure the cost of replacement of equipment during the project term and not under or over value the equipment. State Owned Equipment Equipment should be insured when on loan from the State and used for Research Foundation sponsored projects. Project directors may be held accountable for equipment that is not insured.