Losses to buildings and contents owned by the University or coverage required under the terms of an existing lease, are covered for the perils of fire, lightning, windstorm, hail, explosion, riot, aircraft and vehicle damage, smoke and flood. This coverage is provided through the Florida Fire Insurance Trust Fund administered by the Division of Risk Management. Currently there is a $2,500 deductible that may be changed annually.
The Coordinator of Insurance and Risk adds new University buildings, increased square footage of existing buildings, and contents of buildings when notified of acceptance. In order to be insured, buildings must be worth at least $500 for flood peril, and for any other peril, a combination of contents and building value must be at least $2,500. In order to accomplish this task, departments should do the following to minimize the risk of uninsured property values to the University:
The Associate Vice President for Facilities, or designee, will notify the Coordinator of Insurance and Risk when a building is to be demolished, reaches substantial completion, or if purchased, when the University takes title. The Assistant VP or designee, i.e. construction managers, must also complete a Building Insurance Request Form (Form EHS 2-2) available on the EH&S website at: http://www.safety.fsu.edu/forms.html. Finally, the designee will coordinate with the Coordinator of Insurance and Risk by providing notification of any known impending building deletions or additions to the Director of Environmental Health & Safety. On occasion, individual buildings or sometimes all of the buildings will require property appraisals.
The Coordinator of Property Services, in the Controller's Office, must provide to the Coordinator of Insurance and Risk the "BldgCNT Reports", i.e., Content Values by Building, in July of each year.
The University Lease Administrator will send a copy by e-mail or other written form of any new University lease to the Coordinator of Insurance and Risk as well as the Associate General Counsel under Finance and Administration. Insurance coverage provided by the Division of Risk Management may only be provided if a building is owned or required in a lease. Such leases must be reviewed by the Fund prior to acceptance and signature. Furthermore, sufficient time must be allowed for the Division of Risk Management and the Coordinator of Insurance and Risk to review the lease for insurance purposes. If the lease does not have insurance requirements, i.e. insurance coverage required in the lease, hold harmless statements, or indemnification language, the Coordinator of Insurance and Risk does not need to be notified. When a lease is executed, coordination will be required in order to complete a Building Insurance Request Form (Form EHS 2-2), available on the EH&S website at: http://www.safety.fsu.edu/forms.html. Additionally, a copy of a lease log will be generated every six months.
If a department leases property, it is the department's responsibility to notify the Coordinator of Insurance and Risk as well as the Coordinator of Property Records of the total value, exceeding $1,000 of FSU contents housed in the leased space. Notification should be made as soon as possible in order to minimize the possibility of incurring an uninsured loss. The department will also need to coordinate with the Coordinator of Insurance and Risk to complete a Building Insurance Request Form (Form EHS 2-2), located on the EH&S website at: http://www.safety.fsu.edu/forms.html.
The Director of Space Utilization and Analysis will coordinate with the Coordinator of Insurance and Risk by providing e-mail notification, as soon as possible of impending property additions or deletions, to the Director of Environmental Health & Safety as well as the Coordinator of Insurance and Risk. The notification should also include building number, building name and budget entity.
The Director of Campus Design, or designee, will coordinate with the Coordinator of Insurance and Risk by providing notification of any known impending building deletions or additions. Additional assistance may be required for determining individual property appraisals and, on occasion, it may be necessary to provide property appraisals on all university buildings.
In the event of a loss by fire, hurricane, lightning or other covered peril, the affected department should notify the Coordinator of Insurance and Risk immediately by telephone. The Coordinator of Insurance and Risk will notify the Fire Fund, so that, if necessary, the damage may be inspected prior to any disposal.
The department suffering loss should compile an inventory of all destroyed or damaged property, giving actual cash value and age of property. Photographs should be taken. Property may be depreciated, but never more than 50 percent. The department should work closely with the Coordinator of Insurance and Risk so that the claim can be documented efficiently without duplication of effort for failure to follow appropriate format.
Recovery funds from the Florida Property Insurance Trust Fund are paid by Journal Transfer to the University's Property Trust Fund #4920-0267-010-69. Once documentation of the Journal Transfer is received and posted, funds are transferred to the department suffering the loss within one month of date of posting by the Senior Accountant for Environmental Health and Safety. A cash transfer is used to reimburse Auxiliary and Local department accounts and is submitted to the Student Financial Services Office. Educational and General (E&G) department accounts are reimbursed by ET-51 or GP16 and submitted to the Payables Office.
The University is invoiced each July for this coverage. The Senior Accountant pays the premium for E&G buildings from a general account for Environmental Health and Safety. Other budget entities will be billed for this coverage by use of FSU Form GP-16A (SAMAS Version Rev 2/86).