Industrial Special Risk (Property) Insurance
This policy is similar to a combined home building and contents policy. In summary, it covers for material loss of University assets being real property, including buildings, plant, machinery, stock and merchandise and personal property. Property Protection also extends to claims for protection for loss of revenue, increased cost of working, loss of rental income and additional expense resulting from interruption or interference to the business during the period of protection.
Subject always to certain terms, exclusions, conditions and limitations, this policy provides protection against such perils as fire, accidental damage, earthquake, flood, burglary and theft, fidelity omissions (ie misappropriation of money and/or goods by employees), loss of money, loss of property in transit, machinery breakdown, boilers and pressure vessels, spoilage by accidental means, subsidence/landslide damage not caused by earthquake or volcanic eruption and removal of rubbish.
The Property policy is comprehensive in its coverage but, as with all forms of insurance, there is a considerable number of exclusions, emphasising the need for effective risk management strategies to be applied throughout the University.
The Property Policy is administered by the Manager, Insurance and Risk Management, Kazia Lombardo [t: 6620 3696; e: email@example.com]
Updated: 26 May 2011