15.2 Property Insurance (Buildings and Contents)

(Amended 2/11)
  1. Insurance — academic-related property (general fund-supported facilities). For losses over $5,000, the State of Iowa has a self-insurance property program for academic-related facilities when damaged or lost by fire, storm, theft, earthquake, flood, or unavoidable cause. Reimbursement is provided in accordance with Iowa Code Chapter 29C.20. These losses are reported to the Board of Regents office for consideration by the State Executive Council.

    The University is required to purchase commercial catastrophic insurance for academic/general-funded facilities with a single incident deductible, for which, in the event of claim, the state may provide payment pursuant to Iowa Code 29C.20.
  2. Insurance — auxiliary enterprises, self-supporting facilities, other property.
    1. Property insurance may be purchased if required by statute or contract, for special risk, or if deemed necessary in order to obtain special services.
    2. The University maintains conventional property insurance on self-supporting, revenue-producing, and auxiliary facilities which are an integral part of the operations of the University. Insured facilities include housing, the utility system, Iowa Memorial Union, the Museum of Art's fine art inventory, athletic facilities, and other auxiliary operations.
  3. Equipment Loss (FREC) Program. Some equipment losses may be eligible for reimbursement through the Facilities Renewal and Equipment Committee's (FREC) self-insured equipment loss program. A departmental deductible of $500 will normally apply. For claim forms contact the Department of Risk Management, Insurance, and Loss Prevention, 430 Plaza Centre One,  https://uiowa.edu/riskmanagement/