Property Insurance Protection Plan

As you know, WCM's commercial property insurance has a $100,000 deductible for each and every loss. In order to help departments lower this deductible to a more manageable level, the Office of Risk Management and Insurance has developed an internal program known as the Property Insurance Protection Plan (PIPP). Below are some of the key points for FY 2018:

  • Participation in the program is voluntary, but strongly encouraged
  • Participation runs from July 1, 2017 to June 30, 2018
  • Rates for FY 2018 will remain the same a FY 2017
  • If you select Option 2 (Limited Blanket Coverage), in addition to any deductible, your department will absorb 20% of the loss. For example, assuming a loss of $1,000 and a $300 deductible, a department would recover $500 under Option 2 versus $700 under Option 1 (Blanket Coverage)

Full details on the program, including frequently asked questions and the enrollment forms, are on the Risk Management web page at http://www.med.cornell.edu/risk-management/insurance/wcmcpipp.html

Enrollment in the program for FY 2018 is now open and will continue until July 31, 2017.

In order to avoid any confusion, even if your department participated in the program for FY 2017, you must notify the Office of Risk Management and Insurance if you will be participating in the FY 2018 program. You also need to confirm the SAP account number to be used in charging your FY 2018 premium.

As always, any equipment valued at $200,000 or more, and not previously registered, MUST be registered with the Office of Risk Management and Insurance in order to be covered under PIPP. Equipment can be registered using the Equipment Reporting Form on the risk management web page at http://weill.cornell.edu/risk-management/insurance/equp_rept_form.html, by email to Steve Galeotti (stg2009@med.cornell.edu) or Joyce Bowes (jcb2011@med.cornell.edu) in the Office of Risk Management and Insurance or by phone at 646-962-7682.

If you have any questions, need further assistance or would like additional information, please feel free to contact Steve Galeotti by phone at 646-962-7683 or email stg2009@med.cornell.edu, or Joyce Bowes at 646-962-7682 or email jcb2011@med.cornell.edu, in the Office of Risk Management and Insurance.
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