15.2 Property Insurance (Buildings, Contents, and Business Income)

(Amended 2/11; 7/18)

1. The University maintains conventional property insurance on all University-owned property, including general fund and self-supporting facilities and contents.
2. Additional property insurance may be purchased if required by statute or contract, for special risk, or if deemed necessary in order to obtain special services.
3. Business income or business interruption insurance is purchased for units (general fund and self-supporting) that generate revenue. 
4. For academic-related property (general fund–supported facilities) that suffers a loss or damage over $5,000, the State of Iowa has a self-insurance property program when damage or loss is due to fire, storm, theft, earthquake, flood, or unavoidable cause. Reimbursement is provided in accordance with Iowa Code 29C.20. These losses must be reported to the Department of Risk Management immediately. Risk Management then notifies the Board of Regents office, which will then forward the notification to the State Executive Council within 24 hours.
5. 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, 202 Plaza Centre One, risk-management@uiowa.edu or  https://uiowa.edu/riskmanagement/.