FloridaGulfCoastUniversity

Department of Environmental Health and Safety

Risk Management and Insurance

Procedure No. 2.1

Issue Date: November 8, 2006

Title: Insurance Coverage for FGCU New Buildings

Purpose:

Acquiring insurance for a newly constructedstate owned building on FGCU campus and off-campus.

General overview:

FloridaGulfCoastUniversity will insure all permanent buildings here on campus as well as off campus. The Fire Insurance Trust Fund is the state self-insurance program covering state owned buildings against fortuitous losses.

Covered causes of losses include:

Fire Smoke
LightningRiot or Civil Commotion
ExplosionSinkhole Collapse
Windstorm or HailFlood

Responsibilities:

Environmental Health and Safety has the primary responsibility for insuring newly constructed buildings and contents when building is substantially completed. In accordance with 284.04, all new erected buildings or acquired property must notify the Department of Financial Services, in writing.

The Facilities planningdepartment when entering into a new construction project contract for a new building on or off campus shall coordinate with the construction manager to provide university with certificate of liability insurance and upon completion of project a copy of substantial completion for building to the Office of Environmental Health and Safety.

The FGCU Space coordinator shall provide in writing the building specifications of newly erected building to EHS.

Finance and Accounting shall submit to EHS a spreadsheet on capitalization for newly erected buildings.

Procedures for insuring new building and contents:

  • Request and receive from FGCU space coordinator,in writing, updated and current gross square footage and construction year of new building.
  • Assist Finance and Accounting in completing building valuation worksheet calculating actual cash value of new building.
  • Request and receive from Finance and Accounting, in writing, the value of contents for each new building.
  • Complete a coverage request form for the Department of Financial Services on-line. Form submitted by the Office of Environmental Health and Safety.

..\Building Valuation fro Depart of Insurance\Insuring a state building\Coverage Request Form (DI4-850).htm

  • Department of Financial Services will send property schedule for accuracy and completeness.
  • In beginning of fiscal year, newly and acquired property will be included in property invoice and payment processed in order to have insurance in force for current fiscal year.

Deductible:

The deductible for this coverage is $2,500 for any loss resulting from any covered cause of loss with exception of flood insurance. Flood insurance deductible is $500.

Premium:

The Department of Financial Services calculates the premium based on intended use of building, its contents, and rental income, if applicable. Premium invoice shall be forward to University Budget Office for payment.

Form:

Coverage request form

Policy:

Certificate of Property Coverage is available upon request, please contact Willie Baca for a copy.

Contact:

Willie Baca

Assistant Director, EHS – Risk Management and Insurance

239-590-1126 Office

239-590-1033 Fax