The Theft Insurance Program is an optional program whereby units can insure against the risk of theft. Types of property susceptible to theft that an be enrolled in this program include:
- Computer equipment (personal computers, laptops, printers, monitors, scanners, modems, and other hardware)
- Office equipment (fax machines, desktop copy machines, typewriters, telephone answering machines, and calculators)
- Electronic equipment (video projectors, televisions, video cameras, video recorders, radios, and stereos)
- Laboratory equipment (microscopes, and balances)
- Communications equipment (mobile phones, and walkie-talkies)
- Other equipment that is prone to loss by theft (musical instruments, cameras, etc.)
Units considering participation on the Theft Insurance Program should consider the total cost to participate, the practices of the unit that safeguard property against theft and the impact of theft losses on the unit's budget.
Theft insurance premiums are dependent on the value of enrolled property. The current rate is $.0033 per dollar value, subject to a minimum of $5. For example, if the total replacement cost of equipment to be insured is $150,000, the cost of the insurance is calculated as $150,000 x .0033 or $495
Those units enrolled in the theft insurance program must re-enroll by July 30 each fiscal year for coverage to continue into the next. The enrollment process changed for FY15. To enroll, please access the ACCTS system and follow these steps:
- Select Cost Transfer Module
- Click New DD
- In the Description field enter FYXX Theft
- In the Quantity field enter the dollar amount to be insured, i.e. $10,000
- Enter the Unit Price: $.0033. This will auto fill your premium.
- Click Add
- In the Accounts section insert the account number to be charged in the debit field
- Click Add
- Click on Attachments in the bottom right corner and insert your excel spreadsheet containing a description, serial number and replacement cost of the equipment to be insured. You will need all this information to file a police report.
- In the Offset Department/Reviewer field locate Risk Management and then Candy Walters
- Click Submit Transaction
Risk Management will receive a notice and enter the account number to credit.
All submissions will be processed after July 1. If you have any questions or concerns, please contact Candy at firstname.lastname@example.org or 773.702.1951.
Reimbursements are subject to a deductible of 10% with a minimum deductible of $500 and a maximum of $2000. If stolen property was not enrolled with Risk Management, its loss is not covered under the Theft Insurance Program and will be subject to a $25,000 deductible under the Property Program.
The Theft Insurance Program does not insure:
- Personal property owned by faculty, staff or students
- Theft of laptops or other electronics left open and unprotected in public
- Missing or misplaced equipment without proof of theft
- Computer software and data
- Money, securities or similar forms of currency
- Property away from University facilities, unless approved in advance by the unit
To file a theft insurance claim, please follow the University's claims reporting requirements.