Property Insurance (Industrial Special Risks)

Material Loss or Damage - All real and personal property belonging to the insured or for which the insured is responsible or has assumed responsibility prior to the occurrence of any loss or destruction or damage, including all such property in which the insured acquires an insurable interest during the period of insurance.

Consequential Loss - Gross Revenue, payroll (or Gross Rentals or Gross Revenue if appropriate), additional increase in Cost of Working and Professional Fees for Claim Preparation.

Insurance cover includes and is subject to exclusions, sub-limits and insurable events.

Theft or damage to University property (eg equipment, buildings) must be reported promptly to the Insurance Team of the Risk Management Unit for assessment to determine whether an insurance claim is warranted.

In any event, departments must forward written details of any theft or damage to University property to the Manager, Risk and Insurance, including the following:

• Full description of item;
• Date and time of incident;
• Damage caused;
• Details of incident (cause and effect);
• Approximate cost of repair or replacement;
• Whether police have been notified (if theft), date of report, police contact names and telephone numbers;
• Contact name and telephone number of the contact person in the department.

The Industrial Special Risk policy covers any physical loss, destruction or damage to the property of the University of Newcastle. The areas covered include:

1. Accidental Damage
   The policy covers all insurable University property, ie buildings and contents. In addition to fire, extraneous risks such as explosion, storm, tempest, rainwater and water damage, riots and malicious damage, earthquake and impact are covered.
2. Theft and Burglary
   There is a general cover for the University. The policy covers loss or damage to property of the University as a result of theft (with or without forcible entry) and burglary (with evidence of forcible or violent entry). All reports of theft or burglary must be reported to the police.
3. Money
   The policy covers University negotiable such as cash, whilst in transit and anywhere on University premises or in locked safes within defined financial and physical limits.

Insurance of Staff Libraries

The University's insurance policy covers staff libraries on campus, while these libraries are required for teaching and research. The libraries have a maximum cover of $25,000. The coverage would be extended to the staff library for loss or damage by fire, water and theft/burglary where this has clearly occurred. The policy would not respond in other non-defined situations where a book(s) cannot be located and might be assumed lost. These situations will be seen as an inventory loss.

Council has endorsed an excess of $250.00 to be met by the member of staff for any insurance claim against theft, loss or damage to staff libraries and personal property held on campus. It is essential in substantiating the existence of library that a register be kept of staff members' books, to provide evidence in the event of loss to our insurers.

For further information please contact the Insurance Team of the Risk Management Unit on (02) 4921 5328 or (02) 4921 6489.

Note: The material furnished in this web site is for information purposes only and does not constitute an insurance contract upon which claims can be made. In the event of loss, damage or liability of any kind, the wording, terms, conditions and exclusions of the original policy shall have precedent over any other document.