The University is self-insured for the first $100,000 of any property loss to either real property or business contents/equipment. This program provides coverage for all causes of loss except normal wear and tear.
The following is a description of the coverage, however, coverage issues will be governed by the language of the University's commercial property coverage.
All Real Property and University owned Business contents and Equipment are covered except for the following:
Deductible: There is a $1,000 deductible that is the responsibility of the department that sustains the loss.
Reporting Claims: All losses other than theft are to be reported immediately to the appropriate campus contact by using the University of Missouri Damage Report, Form-69. Theft losses are to be reported immediately to the University Police Department and a Loss of Money, Securities and Property Report, Form UM-155 must be completed and forwarded to the appropriate campus contact along with a copy of the campus police report.
Proof of Loss should be attached to the initial report. In all cases Proof of Loss will be required prior to settlement of the loss. Proof of Loss includes, but is not limited to; copies of purchase orders, inventory listings, invoices, IDO's or bookstore requisitions, etc.
All Theft or Mysterious Disappearance claims will be held for 30 days from the date of report to allow time for the "missing" items to be recovered. If items recovered are damaged the loss will then be treated as a damage claim. If the missing item is recovered after the claim has been adjusted, the UM Office of Risk & Insurance Management has the option to the residual value of the recovered item.
