Inland Marine

Inland Marine coverage is for items that are valued under $2,000, are owned by the University or are contractually obligated to be insured by the University, and may be subject to theft, or physical damage. Inland Marine coverage is not automatic coverage. Departments must report annually all items to be covered. If a new item is purchased or an addition is needed during the year, a department may request an addition to its covered items. The cost for coverage to the department is $.35 per $100 of the value of each item. Premiums are billed annually and are not prorated based on the length of time an item is covered. Items that have a locking mechanism to prevent theft can be covered by request at no charge to the department. In the event of a loss, the department must work with the university office of Risk Management (Risk) to make a claim to the State of Idaho Insurance Fund. When a loss occurs, there is a $50 deductible that the department must pay.

Coverage Exclusions. Inland Marine insures against risk of physical loss or damage, except as provided by policy exclusions, which include, but are not limited to, the following:

• Loss or damage to student or employee personal property unless the loss is due to clear negligence of the University, or in the case of employee property, the employee has been requested in writing by an authorized representative of the University to bring personal property to the workplace for employment purposes and a copy of that written request is forwarded to Risk prior to any loss
• Inventory shortage or unexplained disappearances
• Theft of University property by an employee
• Ordinary wear and tear, inherent vice, moths, termites, or vermin
• Mechanical breakdown
• Nuclear reaction
• War
• Real property or buildings
• Autos
• Vehicles licensed for the road
• Consumable supplies

Annual Renewal.  In return for the low inland marine coverage premiums enjoyed by the university, it is necessary to provide timely and accurate information about university equipment to State RMP annually. Each spring, State RMP requires the university to complete a full and accurate listing of all university equipment on State RMP spreadsheets. State RMP sends out a notice for State agencies to review their covered equipment and make any changes. The State RMP a completion date for the agencies, which is based on their time requirements to provide underwriting information for the entire State program. Once university Risk receives the notice from State RMP, Risk will obtain detailed data from the Idaho Risk Management Information System (IDRMIS) to forward to UI units based on the contact information and email address in the previous year’s worksheet for annual renewal. Units can avoid a time crunch in the spring by keeping their contact and equipment information up to date throughout the year.

Review the the worksheet from Risk. Unit will need to request any additions, deletions or changes to the budget for equipment as applicable.  Add, deleting, or changing coverage information for equipment can be done by the unit by completing the Inland Marine Add, Change, Delete Form. List only one item per form.  When Risk receives the request from the unit, Risk will input the data into the State IDRMIS.  Coverage will begin at that time.

Additions, Deletions or Changes to Coverage during the Fiscal Year.  Items may be added/deleted or information regarding the item may be changed at any time during the year by filling out the Inland-Marine-Add-Change-Delete-Form. The coverage of the item will begin on the date the request is sent to the State RMP office and, unless deleted prior, will continue until the end of the fiscal year, June 30. Inland Marine Insurance premiums for the fiscal year are not pro-rated. on. The make and model of the property to be insured must be noted on the request worksheet.  The maximum replacement value under Inland Marine Insurance is $2,000.00.

Claims.The units can file a claim to receive funds to cover the cost of the replacement or damage of an Inland Marine insured item.  The unit should complete a property loss worksheet. Include in the report a detailed description of the damaged or stolen items and include identifying information such as the serial number, state tag number, make and model, and the Inland Marine Certificate number and a narration that describes the loss or damage to the item. Include the location where the loss occurred, witnesses, and the degree of damage.

In addition to an incident report, a unit needs to provide a police report, two estimates for replacement or repair, and their budget number. While this information is needed to process the claim, it can be sent separately. All supporting documentation needs to be submitted to the Risk Management Office via campus mail at mail stop 3162, by fax at 885-9490, via e-mail at risk@uidaho.edu, or in person at the Risk Management Office in Administration Building room 209.

Forms and Examples

        Inland-Marine-Add, Change, Delete Form.

        Property loss worksheet for presenting a claim.

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