Property Insurance

Property Insurance

Property Insurance/Claims

Rowan University maintains an All Risk Replacement Cost property insurance policy covering the University and its Auxiliary organizations. Coverage extends to all campuses and other owned and leased locations. The policy provides coverage for owned buildings, as well as all contents (e.g., furniture, equipment, supplies) in owned or leased buildings. Coverage may extend to personal property of others if in the care, custody, and control of Rowan (e.g., leased equipment) via a formal agreement. This policy also protects against loss to owned boiler and machinery equipment, as well as business and service interruption. Builders Risk Coverage for new construction is also available to Rowan under the policy.

A property loss is damage to Rowan property as a result of a covered peril such as fire, wind, lightning, flood, burst pipes, and vandalism. The policy maintains a $100,000 minimum deductible per loss. 

Losses should be reported immediately to Risk Management, Facilities, and if theft is involved, Public Safety. Then appropriate measures should be taken to contain the loss and minimize further loss. Do not throw anything out until Risk Management and/or the insurance carrier has had the opportunity to inspect and assess the damage. If possible, it is best to take photos of the loss immediately.

To submit a claim for property loss or damage, please complete and submit the Rowan Property Loss Claim Form. General information required to request replacement of damaged contents (equipment, supplies, furniture, etc.) includes proof of purchase (original invoices) and replacement quotes. All losses are submitted to the property insurance carrier and reviewed for coverage against the policy terms, conditions, and exclusions.

Department budgets may be required to be responsible for the cost of the loss within the policy deductible, and for any loss not covered by the policy, dependent on the cause and scope of the event.

For more information or questions, please contact Risk Management at 856-256-4370.