Only notified buildings and contents benefit from this insurance and notification is made via EM to the Insurance Section of the Finance Division.
- Buildings managed by EM are routinely valued, recorded and notified by EM. This applies to operational and non operational buildings and the process is managed by the EM Database Manager.
- The insurance of buildings not managed by EM is the responsibility of the owner or lessee as the lease specifies. Notification must be made to EM unless alternative arrangements are in place for insurance.
Contents whether owned, borrowed or hired must be valued, recorded and notified to insurers. However, it is not practical for the University to declare exact content values; rather the University uses a formula to calculate building contents.
The formula is based on sample surveys of typical University of Cambridge buildings carried out by consultant surveyors in 2002 and 2004 respectively. However, the annual recalculation of contents values will not include the following changes and EM and the Insurance Section must be made aware of:
- the occupation of new buildings (post 2002),
- departmental moves between buildings,
- the acquisition and disposal of high value items (£1m single value).
In practical terms this means that administrators should regularly review the contents held in their departments and notify any significant changes.
In the event of a claim the Departmental Administrator will be asked to provide details of lost contents by building. Where the claim is a fire claim there will be little remaining physical evidence of what has been lost and in such cases Administrators will be expected to produce a list of lost items or forfeit replacement. Many items will already be recorded on the Fixed Asset Register, however consideration should be given to those items not listed (e.g. due to their initial value or age) and the drawing up of an inventory of such is encouraged.