Equipment

Short-Term Insurance 

This policy can provide coverage for periods less than one year on equipment that is on loan to others, borrowed from others, sent out for repair or in the field. Coverage is effective upon request by the department and once notification is forwarded to the university's insurance broker.

The premiums for this policy are charged to the departments requesting coverage. There is a $50 minimum premium on this policy. Actual costs will vary with the value of the items insured and the length of the coverage period. Departments are also responsible for a $250 deductible in the event of a claim.

To arrange coverage, please contact Risk Management.

Long-Term Insurance

Insurance coverage for equipment and other items that are not covered by the building and contents or micro computer policies may be requested by departments. For example, scientific equipment and video cameras may be insured under this policy.

The premiums for this policy are charged to the departments requesting coverage. Departments are also responsible for a $250 deductible in the event of a claim.

For further information, please contact Risk Management.

FAQ

I have the opportunity to test some equipment; however, the owner requires it to be insured. Can we insure it?

Yes. With certain exceptions, the university can insure equipment rented or loaned from others through our short-term equipment insurance policy. There are some costs associated with this type of insurance, which are the responsibility of the department seeking coverage. Contact Risk Management to determine if coverage can be arranged.

What should I do if university equipment in my department is stolen or damaged?

If loss or damage due to vandalism occurs on campus, Campus Security in Fredericton or Saint John should be contacted as soon as the loss is discovered. Theft or vandalism that occurs off campus should first be reported to the police, and then reported to Risk Management to determine if the item was insured or if coverage applies.

Why is the deductible for equipment $250?

Lower deductibles simply are not available from insurers. Higher deductibles lead to fewer claims being processed, which keeps insurer's costs down so that premiums can also be kept at a reasonable level. 

Can an individual department at UNB get a better equipment insurance package?

No. The policies described above are university-wide. Please be assured that the Director of Risk Management reviews these policies on an ongoing basis and negotiates through brokers for insurance coverage that provides the best balance between coverage terms and premiums.