Weill Cornell Property Insurance Protection Plan
The Weill Cornell Medical College Risk Management Department facilitates and administers an internal insurance program for property that is owned or leased by Weill Cornell Medical College or property for which you are responsible. The purpose of this program is to provide you with an opportunity to have an insurance funding vehicle for property losses up to $100,000 for each and every loss since these are not covered by the College’s commercial property insurance program. Without this internal mechanism, you would need to fund the recovery of such losses; therefore, it is highly recommended that you participate in this program.
We have completely restructured this internal program and here are the major changes:
- you no longer have to schedule individual items
- you will now have a choice between blanket or partial blanket coverage
- newly acquired property during the fiscal period is automatically covered
- you will need to make a coverage selection no later than May 15, 2009 for the coverage period July 1, 2009-10
- if you choose to not participate in this program, you will be self-insured in the amount of $100,000 for each and every loss
What types of property are eligible for this insurance?
Computers, cameras, equipment, scientific instruments, furniture, fine arts, library books.
What perils are covered?
All chance and accidental damage to the items and theft are covered.
What perils are not covered?
Wear and tear, gradual deterioration, latent defects, and damage resulting from repair or restoration are not covered. Software and Data are not eligible unless an arrangement with risk management is made before a claim occurs.
Do you have to pay for any portion for repair or replacement of insured items?
For each non-computer loss of less than $50,000, you will have to pay the first $250. For each non-computer loss of more than $50,000, you will have to pay the first $1,000. If your computer equipment was secured with an Avdex security device and it is stolen no deductible will apply. If you have secured the computer in question with a normal security device the standard $250 deductible will apply. If your computer was not secured at all with a security device the deductible is $750.
How is the loss recovery calculated?
If the items are repairable, we will pay the cost of repairs minus the applicable deductible. If the item is completely destroyed or lost, we will pay for the depreciated cost less the applicable deductible.
Cost of this insurance and how to register and insure your property
We have completely restructured this program so you no longer have to schedule specific items. You can now choose to have blanket coverage or partial coverage. You no longer have to schedule individual items. Please contact Risk Management & Insurance for more information.
If you have participated in this program in the past, for your convenience and reference, you can contact us and we will let you know the total insured values you have provided to us in past years.
When do I register and make my selections?
Please inform James Curwood in the Weill Cornell Risk Management Department about your election for coverage no later than May 15, 2009, which will then provide you this insurance for the period July1, 2009 through June 30, 2010. You can contact Tom Lawrence for further information at tdl2001@med.cornell.edu, telephone (212) 746-6180
What to do in case of a loss
In case of loss, notify the Weill Cornell Risk Management Department with the following information:
- Department responsible for property and room number where property is/was located
- Account number for claim recovery
- Detailed written description of incident and property
- For total losses and replacements, provide the item’s original purchase cost
- For partial losses, provide a copy of the written estimate to repair
- A copy of the security/police report
Do not discard damaged property until a representative from the Risk Management Department has had the opportunity to inspect and survey the damage.
In case of impending water damage and the opportunity presents itself to safely cover your property with plastic sheeting, this could mitigate or prevent such loss.
NOTE: In cases of theft, first report the loss immediately to NewYork-Presbyterian Hospital security or the local police [NewYork-Presbyterian Security can be reached at (212) 746-0911], and get a copy of their incident/security report and submit that to us.