Cornell’s Property Insurance – Protects University buildings and contents against losses from major perils including: fire, earthquake, flood, lightning, windstorm, hail, smoke, riot, damage caused by vehicles or aircraft, sprinkler leakage, and vandalism all subject to the terms of the policy. Damage to Electrical Apparatus Caused by Electricity, i.e. “power surge” is not covered under this program. After a self-insured retention, the University policies provide for replacement cost coverage up to the maximum coverage limits.
Both Endowed and Contract College Departments can purchases extended theft/breakage coverage for contents through the All-Risk Program.
Deductibles – University department’s normally will have a $500 deductible for losses in their areas which are covered by the University Property Insurance Program. A higher deductible may be imposed (up to $10,000) if the loss is due to the negligence of the department in failing to maintain the assets which are entrusted to them. There is no deductible to departments for the University Liability Insurance Program.