Application for All Risk Coverage
Application for All Risk CoverageOverview
All Risk Insurance is specialty coverage for property falling outside the building and contents insurance program which commands a higher premium, but is more extensive than basic contents insurance. It must be applied for on an individual basis. All Risk Insurance covers State owned property in-transit, mobile equipment, watercraft, fine art and property on loan or rent to the Institute.
Capital Assets Accounting
Formally Property Control
Personal Property
Movable equipment type property of a business nature on campus with department head approval.
Rent
Transfer of property, not title, for a specific time period as specified by written contract. Property is in care, custody and control of Institute.
Lease
Long term rental usually 31 days or more.
Consignment
Property in care, custody and control of Institute, but for specific reasons.
- An applicant can be any staff or faculty member.
- Applicant requiring Certificate for State-owned property shall obtain a blank Loan Agreement form either from their Department Head or Capital Assets Accounting. Fill out the Agreement including date, name, location (if residence, street address must be given in full including zip code), reason for loan, list of equipment including inventory number which can be found on the decal, employee signature and approval of the Department Head or Lab Director is required.
- Send original to Capital Assets Accounting with copy to Georgia Tech Insurance & Claims Management, Mail Code 0300.
- For property on loan to the Institute send a memo which has written concurrence of Department Head or Lab Director to Georgia Tech Insurance & Claims Management. Include name of owner, GA Tech building and room location where equipment will be kept or other location if applicable. Include equipment or property list and costs with back-up data if available. State reason for bringing equipment on campus or on trip if applicable.
- For property on loan to the Institute, send completed Loan Agreement. Ensure document is signed by both parties.
- Georgia Tech Insurance & Claims Management, upon receiving one of the above listed forms, letters or documents will assign an "All Risk" Certificate number and assess the value of the property by using the current Capital Assets Accounting "Equipment on File by Tag Number". If personal property, a letter or copy of invoice will be requested. If property is consigned or on loan, a Loan Agreement or letter from owner will suffice. If leased or rented property, a letter from vendor stating the replacement cost of property (not the rental cost) will be required.
- Georgia Tech Insurance & Claims Management will prepare and sign a "certificate" The original will be sent to the insured. The copy will be retained in the Risk Management Certificate Book in numerical order along with all back up information.