All University operational buildings (including vacant properties) and contents are insured for the standard risks of fire, flood, lightning, explosion, escape of water, impact, subsidence, accidental damage, riot, and theft. The cover applies to most University assets, including items leased, hired, or borrowed by the University. Over time the insurance programme has been tailored to suit the needs of the University and the following risks have been given particular attention.
Temporary removal of items from Cambridge University premises
University property (maximum value £100,000, with a single article limit of £50,000) taken off University premises for short periods of less than six months. This property is insured whilst in situ at the external location providing good risk management is in place. There is no need to notify the Insurance Section that such property is off site, providing the situation falls within the limits outlined. Property with a value in excess of value £100,000 (or with a single article limit over £50,000) taken off University premises should be notified to the Insurance Section as should temporary removals of property in excess of six months.
Insurance is in place for transits of University of Cambridge property between any locations worldwide providing the total value does not exceed £50,000 and the department has approved the transit. There is no need to notify the Insurance Section of transits of goods where the total value is below £50,000, and there is no further cost for this cover.
However, where a transit of property exceeds £50,000 administrators should contact the Insurance Section so that appropriate transit insurance can be arranged. A completed Marine Transit form should be sent through to the Insurance Section at least 48 hours before the transit. Departments should be prepared to pay for this insurance. A Marine Transit form can be found on the Insurance Section website.
NB. The transit of Works of Art and Old Books must always be specifically requested and arranged via the Insurance Section.
Contents of fridges and freezers
Deterioration of the contents of freezers are covered with a limit per freezer of £25,000 and any one item £5,000. Cover is dependent on the freezer being not more than twenty years old.
Items on short exhibition of less than four weeks anywhere in Europe are insured subject to a limit of £200,000 per exhibition. Longer exhibitions are also covered subject to a limit of £50,000. In circumstances where a University exhibition exceeds these limits administrators should contact the Insurance Section so that appropriate exhibition insurance can be arranged with costs payable by the department or institution concerned.
Cover for exhibitions of works of art or old books must be specifically requested via the Insurance Section.
The University has insurance for money held on the premises to protect against robbery, burglary, or the disappearance of money or securities whilst on University premises or in transit. However, risk management restrictions apply to this cover and administrators should ensure that procedures for holding and carrying money comply with the advice of the University Security Advisor (EM).
The University has insurance for cash and securities (including corporate credit cards) to protect against fraud by employees and or third parties. However, risk management restrictions apply to this cover and administrators should ensure that departmental procedures comply with the recommendations of the Finance Division.
See Credit Card Procedures of the Non-Pay Expenditure section of the Financial Procedures Manual.
Business Interruption insurance provides cover for the consequences of a property loss when, for example, premises become uninhabitable as a result of a fire. Claims can be made for the following:
- The additional cost of working in a damaged building or without vital equipment. Specifically these costs would include: the reasonable payroll costs of employing additional staff; the overtime remuneration of existing staff; the additional travel costs of relocated staff and the reasonable removal costs of moving staff.
- The rental costs of temporary accommodation.