Introduction

Campus departments have the option to insure their University-owned computer, business and research equipment in the Carolina Self Insurance Fund (CSIF). CSIF provides a convenient and cost-effective alternative to purchasing insurance from an outside source. And departments can selectively decide what to insure so only those items in harm's way are covered.

This is a voluntary program where 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. A benefit to the customer is that all financial transactions are completed electronically through FRS, minimizing much of the administrative burden.

How to Enroll

Interested campus departments should complete an AR-4 form and specifically identify each item they want insured. A premium of $.0024 for computers and $.0034 for other business or research equipment of each scheduled value will be charged (a $2000 laptop would cost $4.80 annually, a $100,000 piece of research equipment would be $340). Items should be scheduled for their approximate replacement cost value. Your account information must be included on the AR-4 form so that Risk Management Services can electronically charge it through FRS. You will receive an Insurance Statement from us for your accounting records.

Filing a Claim

If a department has a covered loss, the following documentation is required before reimbursement is made:

• A signed Proof of Loss from an authorized department representative. The Proof requires a loss narrative and should specifically identify the item(s) involved in the claim

• A police report if the loss involved a criminal offense (i.e. theft or vandalism claims)

• The account number(s) the department used to purchase the claimed item(s) so the claims money is allocated back properly

Departments are not required to replace an item before their claim is paid. Rather, once they verify their claim, they will be paid the full scheduled amount of the item(s), less the following applicable deductibles:

• $500 per occurrence for any loss other than "theft"

• $1000 per occurrence for theft

We apply a deductible so that departments have a financial incentive to avoid losses. Once your account is credited, you will receive a Claim Statement documenting that the FRS transaction is complete.

Insuring All Your Equipment

If you are interested in insuring your department's entire contents, this program is not recommended. Rather, we will assist you with obtaining blanket coverage whereby you do not have to identify each specific item, just an overall total value.

Risk Management Services reserves the right to decline coverage for certain items depending on their significant value or exposure to certain perils. However, for those declined items, we will obtain an alternative means of insurance at a comparable price.

If you have any questions, please contact Janet Hoernke at 962.6681.