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UC DAVIS: RISK MANAGEMENT SERVICES July 5, 2006 DEANS, DIRECTORS, DEPARTMENT CHAIRS & ADMINISTRATIVE OFFICERS RE: PURCHASE/RENEWAL OF ADDITIONAL "Buydown" THEFT INSURANCE FOR DEDUCTIBLE REDUCTION ON EQUIPMENT THEFTS -- DUE JULY 31, 2006 Now is the time when departments can 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, 2006 thru June 30, 2007. Loss Prevention and Basic Property Program Risk Management Services encourages and consults with departments to implement effective loss prevention controls and explore risk management options, such as key and inventory controls, burglar alarms and security devices so that losses can be avoided. 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. Additional Theft Buydown The Additional Theft Buydown Insurance can 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. Please review this material, consider the benefit of this program, and submit requests to Risk Management Services, as instructed on the website, NO LATER THAN MONDAY, JULY 31, 2006. If your department is already utilizing this program, the contact person(s) indicated in our records will receive a Notice for Renewal with a list of existing coverage for revision and return. If you are unsure whether your department is currently utilizing the program, please contact Sandy Hendrix at sahendrix@ucdavis.edu for additional assistance, or for obtaining a template to report multiple pieces of equipment if you are new to the program. Deborah M. Luthi, ARM, CCSA Director Risk Management Services 06-071
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