Equipment Insurance
The Research Foundation's Equipment Floater Policy is an all-risk policy that provides coverage on equipment (purchased with or without sponsor funds, or on loan from another institution but used for sponsored projects) against loss by specified external causes anywhere in the world. Since the University has no other funding source to cover the damages to or loss of equipment, this is the only vehicle for protecting that equipment.
Premiums
The annual premium rate is: US$ 1.43/ per $100.00 of value
Example: A $1,000.00 piece of equipment will cost $14.30 to insure for a one year period.
Actual premiums are calculated by the OGM staff.
Insurance may be renewed during each new budget period.
Claims and Deductible
Settlement of claims is based on the REPLACEMENT VALUE of the lost or damaged equipment. There is a $1000.00 deductible for each claim.
Should an insurance claim become necessary, contact your SAA in OGM at ogm_ovpr @stonybrook.edu , to review the procedure for documenting the loss.
Insurance Application Procedures
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Complete a RF Purchase Requisition made out to "AMSURE" for the purchase of insurance.
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Complete the Insurance Application / Floater Formfor each item being insured.
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Provide a copy of the Purchase Orders the equipment was originally purchased on to verify value.
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Send to ogm_ovpr@stonybrook.edu You will receive a confirmation email with the exact premium charged to your account.
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Upon approval, the documentation is sent to Accounts Payable and is then sent with the check to AMSURE.