UC IRVINE ADMINISTRATIVE POLICIES & PROCEDURES

UC Business and Finance Bulletins

BUS-1, Fine Arts Insurance Program
BUS-9, Professional Medical and Hospital Liability Self-Insurance Program
BUS-23, Insurance Coverage for Students Engaged in Off-Campus Activities
BUS-28, Property Self-Insurance Program, Premium Rates, Buy Down Deductible for Theft
BUS-29, Management and Control of University Equipment
BUS-39, Loss of or Damage to Property of Individuals
BUS-63, Insurance Requirements/Certificates of Insurance
BUS-69, Vehicle Physical Damage Self-Insurance Program
BUS-75, General Liability, Automobile Liability and Employment Practices Liability Self-Insurance Program
G-29, Procedures for Investigating Misuse of University Resources

Contact: Risk Management at (949) 824-7419

General liability for University property is comprehensively covered in the UC Business and Finance Bulletins, with the following updated information applying specifically to UCI:

1. BUS-1, Fine Arts Insurance Program
   1. Premium Rates for Permanent Collections

      The annual premium rate is adjusted each year but historically has been less than $.20 per $100 of value.

   2. Valuation Clauses and Definitions

      1) For items on loan or entrusted to the University from museums, art galleries, and the like, museum values will be accepted where such value has been established to the satisfaction of the knowledgeable University representative and the lending institution.

      2) For items on loan or entrusted to the University from private collections or individuals, the declared value or fair market value will be accepted, depending on whichever is the lower at the time of loss. If an agreed value is to be used, it must be supported by up-to-date evidence of value (i.e., a qualified appraisal) which has been submitted to and agreed by our insurance underwriters prior to acceptance of the item.

   3) Declared value means the valuation of an item, loaned or entrusted to the University under these guidelines, declared by the owner as representing the current market value at the time such item is insured under this procedure.

   4) Fair market value means the valuation of an item, loaned or entrusted to the University and mutually agreed upon by the owner and Underwriters as representing the amount for which such item could have been sold immediately prior to physical loss or damage which reduces the value of the item to the owner and results in a claim for loss.

   5) Agreed value means the valuation of an item loaned or entrusted to the University and accepted by underwriters as being the value of the item for the purposes of adjusting a claim for physical loss or damage.

2. BUS-28, Property Self-Insurance Program
   1. Premium Rates - Buy Down Deductible for Theft

      The annual premium rate is $.40 per $100 of value and presupposes that the amount of protection requested is to the full value of the items to be covered; full value meaning the declared or replacement value, whichever is lower. The maximum payable will be the declared value even if replacement cost is greater.

      Deductibles applying to coverage for scheduled property:

      Forced entry theft - $250
      Non-forced entry theft - $1,000

   2. Premium Rates - Transit

      Contact UCI Risk Management at (949) 824-7419 or rcoulon@uci.edu for a quote on:

      • Domestic shipments over $100,000 - All shipments of University equipment valued over $100,000 require prior approval from Office of the President in order for insurance to apply.
      • Domestic household moves (within the continental U.S. & Canada)
      • Foreign shipments (including Hawaii & Alaska)