This report originates at the University's Office of Engineering and Construction Management and is released to the State Department of Insurance and Property Office through the Purchasing Department. Annual updates are made to this valuation by the State Property Management Division in coordination with the Department of Insurance, i.e. building values increase yearly as structures appreciate. The replacement costs of buildings and structures is determined by the State Department of Insurance. As well, the contents valuation is derived from the University's real property and fixed assets records, and updated annually by the Purchasing Department. Accordingly, it is imperative that each department report and maintain accurate records with the University's Fixed Assets Office.
Replacement cost is based on actual cost at time of loss.
Replacement cost coverage is provided subject to the deductibles. Coverage is extended to the University for those boilers and related machinery listed with the State Department of Insurance. Changes to coverage are affected by Physical Plant through the Purchasing Department. The University's risk management policies and practices endorse and enforce this requirement. Comprehensive and collision insurance is optional coverage which is purchased separately at the discretion of each department.