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Policy and Procedure ManualChapter 370, Risk Management Responsible Department: Risk Management This section describes the University's insurance covering fine arts and collections and the procedures by which departments can obtain coverage and file claims. This is a general description, summarizing the provisions of Business & Finance Bulletin BUS-1. In case of conflict, the provisions of BUS-1 control. A. Coverage 1. Departments may purchase insurance against risk of physical loss to fine arts and collections owned, loaned, or borrowed by the University through the University's insurance programs. These policies are an alternative to the basic property self- insurance program described in Section 370-30 and provide a higher level of coverage. 2. The policies protect the following categories of property: a. Fine arts--works of art, including paintings, etchings, pictures, statuary, tapestries, and other bona fide works of art, rarity, historic value, or artistic merit. b. Collections--for purposes of this policy, groups of fine arts, usually named for an individual, that are permanently at one location inside the continental United States and Canada. B. Reporting losses and filing claims 1. Follow the procedures in Section 350-85 (Loss, Theft, or Damage of University Property) for all losses. These procedures must be followed even if no insurance claim is made. 2. To file an insurance claim, the department obtains the Property/Casualty Loss Report from campus Property & Liability or UCDHS Risk Management, completes it, attaching all available supporting documentation, and returns it within 24 hours. For fine arts claims, attach the Exhibition Loan Agreement (see III-E, below). A. Scope of coverage This program provides coverage against all risks of physical loss or damage from any external cause while within the continental United States and Canada, either on location or in transit, except as described in the exclusions below. Contact campus Property & Liability or UCDHS Risk Management if foreign coverage is needed. B. Amount of coverage Coverage can be purchased in amounts up to $5,000,000 per occurrence while on location, or $5,000,000 per shipment while in transit. The deductible is normally $500 per occurrence. C. Exclusions The policy covers against all risks of physical loss or damage from any external cause, except: 1. Damage sustained due to and resulting from any repair, restoration, or retouching process. 2. Breakage of glass, but not resulting damage. D. Premiums Premiums for fine arts insurance are billed at the end of each quarter, on a retroactive basis, based on the full value of the item as reported by the insuring department. E. Obtaining coverage 1. For fine arts on loan to the University, the department completes an Exhibition Loan Agreement form, obtains the lender's signature on 2 originals, and sends both originals to campus Property & Liability or UCDHS Risk Management. A fully executed original of the agreement will be returned to the lender. 2. For University-owned fine arts, the department sends a memo requesting insurance to campus Property & Liability or UCDHS Risk Management. Coverage does not begin until the request is approved. The following information should be included: a. Department name. b. Name and full account and fund number (i.e., X-XXXXXX-XXXXX-X) to which premium is to be recharged. c. Location of insured materials. d. Name of exhibition, if applicable. e. Itemized inventory, including title, artist, medium (painting, sculpture, book, etc.), value of each item, and total value. f. Beginning and ending dates of coverage. The request must be approved prior to the beginning date. g. Description of security measures taken, such as approved security alarm systems (Section 360-35) or approved lockdown devices (Section 370-30). 3. Unless otherwise specified by the department, premiums will be charged to cover all items to the full value stated by the department. 4. Contact campus Property & Liability or UCDHS Risk Management prior to changing the location of a covered item, as special limits apply in transit and off campus. 5. To request a modification of the coverage or an addition or deletion of items to the exhibition, contact campus Property & Liability or UCDHS Risk Management to obtain the change form. A. Scope of coverage The coverage provided is the same as that for fine arts (see III-A, above). B. Amount of coverage The amount of coverage and deductible is the same as that for fine arts (see III-B, above). C. Exclusions Exclusions to coverage are the same as those for fine arts (see III-D, above). D. Premiums Insurance premiums on collections are billed annually and are based on the full value of the collection as reported by the insuring department. E. Obtaining coverage 1. Prior to the desired effective date, the department sends a memo requesting insurance to campus Property & Liability or UCDHS Risk Management. Coverage does not begin until the request is approved. The following information should be included: a. Department name. b. Name and full account and fund number (i.e., X-XXXXXX-XXXXX-X) to which premium is to be recharged. c. Location of collection. d. Name of collection. e. Itemized inventory, including title, artist, medium (painting, sculpture, book, etc.), value of each item, and total value of collection. f. Beginning and ending dates of coverage. The request must be approved prior to the beginning date. g. Description of security measures taken, such as approved security alarm systems (Section 360-35) or approved lockdown devices (Section 370-30). 2. Unless otherwise specified by the department, premiums will be charged to cover all items to the value stated by the department. 3. To modify the coverage for changes, additions, or deletions to the collection, contact campus Property & Liability or UCDHS Risk Management to obtain the change form. Campus departments may contact Property & Liability at 752-0797 or on the World Wide Web at http://hr.ucdavis.edu. UCDHS departments may contact Risk Management at 734-3883 for assistance. Business & Finance Bulletin BUS-1, Blanket Fine Arts and Collections Insurance Program, 7/1/92. Copyright © 2006 The Regents of the
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