Risk Management Services (RMS)
POLICY 6
Effective Date: 07/01/2003
Last Modified Date: 10/23/2003
Introduction
Campus departments have the option to insure their University-owned computer and business equipment in the Carolina Self-Insurance Fund (CSIF). CSIF provides a convenient and cost-effective alternative to purchasing insurance from an outside source. Departments may selectively decide what to insure, so only those items actually in harm's way are covered.
Participating campus departments pay into an internal fund based on the value of their covered equipment. If they sustain a covered loss, their claim is paid directly from the fund. All financial transactions are completed electronically through FRS, minimizing much of the administrative burden.
Covered Losses
To cover items through the CSIF, list them specifically with Risk Management Services (RMS) and pay the premiums. (See RMS Procedure 2, Using the Carolina Self-Insurance Fund.) The coverage is meant to alleviate the risk of direct physical loss; however, loss caused directly or indirectly by specific exclusions listed in the Coverage Agreement will not be covered. It is important that departments review and understand all the conditions in the Coverage Agreement before purchasing CSIF insurance.
Blanket Coverage?
This program is not recommended for insuring the entire contents of a department. However, RMS can assist departments in obtaining blanket coverage. In such a policy, departments state a total value of contents rather than identifying each specific item.
RMS reserves the right to decline coverage for certain items, depending on the items' significant value or exposure to certain perils. If coverage is declined, RMS will obtain an alternative means of insurance at a comparable price.
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