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UC DAVIS: RISK MANAGEMENT SERVICES July 11, 2005
DEANS, DIRECTORS, DEPARTMENT CHAIRS & ADMINISTRATIVE OFFICERS
RE: PURCHASE/RENEWAL OF ADDITIONAL "Buydown" THEFT INSURANCE FOR
DEDUCTIBLE REDUCTION ON EQUIPMENT THEFTS -- DUE JULY 29, 2005
Once again the time has arrived 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 the coverage period of July 1, 2005 thru June 30, 2006.
Risk Management Services encourages departments (and is available for consultations)
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 mitigation efforts are not enough. Losses due to
theft can be an expensive proposition for a department struggling with an already
tight budget and can have a negative impact on achievement of academic and administrative
objectives. The Basic Property Program, provided at no additional expense to
departments, carries deductibles for forced or non-forced entry theft of $1,000
and $5,000 respectively per occurrence.
The Additional Theft Buydown Insurance can substantially minimize the financial
exposure to a department, particularly for theft-sensitive equipment, such as
laptop computers and LCD projectors, 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,
an increase could always be
announced with the new fiscal year.
The Additional Theft Buydown Insurance is a risk-financing tool your department
may want to consider. However, while this coverage is available throughout the
fiscal year for new equipment when it is 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 are available at the Risk Management Services website
at http://rms.ucdavis.edu. Coverage under these programs does not require equipment
have an asset number but must at least be identified by an appropriate serial
number. You are urged to review this material, consider the benefit of this
program, and submit requests to Risk Management Services as indicated on the
website NO LATER THAN FRIDAY, JULY 29, 2005.
Your department may already be utilizing this program, in which case the contact person(s) indicated in our records will receive a Notice for Renewal with a list of existing coverage for revision and return. 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 530-752-3140 for additional assistance, or for obtaining a template to report multiple pieces of equipment if you are new to the program.
Remember that you only have until July 29, 2005 to take advantage of this
program for existing equipment. Don't miss this opportunity to potentially
save on departmental out-of-pocket costs.
Deborah M. Luthi, ARM, CCSA
Director
Risk Management Services
05-078
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