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UC DAVIS: RISK MANAGEMENT SERVICES June 25, 2003 DEANS, DIRECTORS, DEPARTMENT CHAIRS & CAMPUS ADMINISTRATIVE OFFICERS RE: Purchase of Additional "Buydown" Theft Insurance for Deductible Reduction It's that time of year again when departments have the opportunity to purchase Additional Theft Insurance for their equipment to reduce deductibles in the event of a loss due to theft during July 1, 2003 thru June 30, 2004. Risk Management Services encourages departments to have good loss prevention controls in effect and to explore risk management options, such as key and inventory controls, burglar alarms and security devices so that losses can be avoided altogether. However, sometimes our best efforts are not enough. Losses due to theft can be an expensive proposition for a department struggling with an already tight budget. The Basic Property Program, provided at no additional expense to departments, provides deductibles for forced or non-forced entry theft of $1,000 and $5,000 respectively. The Additional Theft Buy-Down Insurance can substantially minimize the financial exposure to a department, particularly for theft- sensitive equipment, by reducing that exposure to $250 and $1,000, respectively. Currently the annual premium cost to a department remains at $.40 per $100 of value (Total Equipment Value x $.004 = Total Premium); however, in view of the current insurance market an increase could certainly be forthcoming. The Additional Theft Buy-down Insurance is a risk-financing tool your department may want to consider. However, while this coverage is available throughout the fiscal year for any new equipment acquired, it can only be requested for existing equipment during this annual renewal time. More details regarding both the Basic Property Insurance and the Additional Theft Insurance coverage is available at the Risk Management Services website at http://rms.ucdavis.edu. You are urged to review this material, consider the benefit of this program, and submit requests as indicated on the website to Risk Management Services no later than Wednesday, July 31, 2003. Your department may already be utilizing this program, in which case the contact person(s) indicated in our records has received a notice for renewal with a list of existing coverage for updating. Please forward this message to the person having responsibility for your department equipment inventory. If you are unsure whether your department is currently utilizing the program, please feel free to contact Sandy Hendrix at sahendrix@ucdavis.edu or 752-3140 for additional assistance. Remember that you only have until July 31, 2003 to take advantage of this program for existing equipment. Don't miss the deadline!!! Deborah M. Luthi, Director Risk Management Services 03-076
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