- This policy provides coverage for Harvard-owned equipment and contents.
- Equipment must be scheduled (listed) on the policy to be insured.
- Covers "all risk" of loss for scheduled items unless excluded (see Exclusions below).
"All risk" perils are theft, fire, lightning, smoke, water, vandalism, wind, hail, aircraft, riot, vehicles, explosion, and collapse.
- Coverage is provided while items are in transit up to $500,000 per loss.
- Items in transit, going overseas, or residing off-site must be reported in writing to the insurance department. Please send a special request if equipment total is over $500,000.
- Losses are paid based on the cost to replace or repair the equipment. Departments must update values annually, otherwise Actual Cash Value (deduction taken for age) will be paid.
- Debris removal coverage is provided.
- Additions/Deductions can and must be made at any time during the policy year and must be in writing.
- Losses due to wear & tear, inherent vice or gradual deterioration.
- War risks and nuclear reaction.
- Loss or shortage disclosed upon taking inventory.
- Loss due to employee dishonesty.