Property Claim Questions
The property agency deductible is $50,000 per occurrence for all covered losses except for those arising out of “water damage” which has a deductible of $75,000. The agency deductibles for flood and earthquake are (a) Non-hazard flood is $50,000, (b) Special Hazard Flood is $250,000, (c) Non-New Madrid Earthquake is $25,000 and (d) New Madrid Zone is $50,000. $5,000 is charged to the department/campus. $10,000 is charged to the department if loss is a result of theft. The Office of Risk Management has a self-insurance fund that takes care of the difference up to the State’s deductible.
A Certificate of Insurance provides proof of the University’s insurance coverage to a third party. A Certificate of Insurance is sometimes required when entering into a contract or agreement with a third party. Contact the Office of Risk Management if you need a copy of the State’s Certificate of Self-Insurance.
No, your Homeowner’s or Renter’s policy generally provides coverage for personal items away from the premises (your residence).
In a sense, they are considered contents, but because of their unique qualities, they must have an appraised value recorded on a statement of values. Statewide coverage is afforded by an individual Fine Arts Policy. This policy provides wall-to-wall coverage, with no deductible (except for flood and earthquake – $10,000 per occurrence). Coverage is subject to standard fine arts exclusions such as: 1. wear and tear, gradual deterioration, moths, vermin, inherent vice, or loss or damage sustained due to or resulting from any repairing, restoration, or retouching process; 2.war risks; 3. and nuclear reaction or nuclear radiation or radioactive contamination.” Incoming loans require fully executed loan agreements with an agreed appraised value for each object on loan. For loaned objects valued at $50,000 or more, a written appraisal and photograph are required. An appraisal by a qualified State Curator is acceptable. Please contact the Office of Risk Management for all new Fine Arts purchases or loans.
Yes, if the University of Tennessee is required by contract to provide insurance for an item which is in the University’s care, custody, and control. These contracts must be submitted to Risk Management for review before coverage can be approved.
NOTE: Fine arts on loan to The University of Tennessee will require a loan agreement.
Items in transit are covered with certain restrictions. Risk Management must be informed before the transfer takes effect. You must also report which facilities are involved so contents adjustments may be effected. Items must be transported by State employees. We do not provide insurance coverage for individual carriers for hire. The limit for transit coverage is $1,000,000 per occurrence. If additional limits are needed, they must be approved by the Office of Risk Management. This limit does not apply to fine arts.
Yes. The University of Tennessee, through The State of Tennessee procures fidelity and crime coverage in the amount of $1 million per occurrence, for all State employees. There is a $100,000 per occurrence deductible, which applies to each loss.
Contact UTPD to file a report for all property losses that arise from criminal activity (theft, vandalism, etc.). If the loss occurred off campus, file your report with the police department where the loss occurred. If provided a case number, include this with the “Incident Report” in which you complete and send to the Office of Risk Management.