BUILDING AND PROPERTY INSURANCE: Currently, the University of Arkansas System carries insurance coverage provided by Safeguard Insurance Company - through Rebsamen Insurance Agency, of Little Rock (501-661-4800 voice, 501-666-9592 fax). Mr. Jim A. Jowers, Vice President, is the authorized Agent's Representative. The Director of Risk Management for the Fayetteville campus is James Ezell in the UA Fayetteville Business Manager's Office.
The insurance provides very comprehensive coverage. Not only are the cost of restoring a damaged facility and equipment covered, loss of business income and the extra expenses incurred in equipping and operating a replacement or temporary facility are also covered. Varying coverage limitations are in effect, as are deductables. Please refer to the actual insurance policy for specific details.
COVERAGE LIMITS Replacement Cost Building $1,359,859,940 and Property (based on values on file July 1, 1996) SUB-LIMITS Blanket Business Income $ 5,000,000 Business Income (Men's Athletics $ 19,030,794 Fayetteville campus) Business Income (UAMS) $ 174,439,302 Blanket "Rents" $ 5,000,000 Blanket "Tuition and Fees" $ 20,000,000 Off-Premises Services $ 250,000 Property in Transit $ 1,000,000 "Extra Expense" $ 5,000,000 Consequential Loss $ 100,000 Accounts Receivable $ 5,000,000 Cost of Research and Restoration $ 5,000,000 of "Valuable Papers" Exhibitions Including Transit $ 1,000,000 Inventory or Appraisal $ 100,000 Ordinance or Law Coverage $ 250,000 Loss to Objects $ 100,000,000 Ammonia Contamination $ 100,000 Water Damage $ 100,000 Expediting Expense $ 100,000 At newly acquired location(s), if $ 5,000,000 reported within 90 days New Construction-Builder's Risk Nonreported $ 5,000,000 Reported (within 90 days) $ 20,000,000 At any other location(s) $ 100,000 DEDUCTIBLE AMOUNT LIMITS "Earthquake" $ 25,000 "Flood" $ 25,000 Back-up of sewer(s) or drain(s) $ 25,000 "Loss to Objects" $ 25,000 EDP Equipment and Media $ 2,500 New Construction-Builder's Risk $ 2,500 Fine Arts $ 2,500 All Other Causes of Loss $ 10,000CLAIMS PROCEDURES: As soon as possible after a loss, the Director of Risk Management and Insurance should be notified. If this individual cannot be reached, the University's insurance agent should be notified. The agent will then notify the insurance company. The insurance company will assign an adjuster, loss control engineer, and other experts to assist in the loss claim.
In the event of loss or damage, take all reasonable steps
to protect the covered property from further damage. Also, keep
a record of all expenses for emergency and temporary repairs which
should be covered in the settlement.