A note from the Insurance & Risk Management department

Like other state agencies and institutions, all University property assets are required to be insured for the perils of fire and lightning. Currently, general-funded operations receive the fire and lightning coverage without premium charge. Special (Receipts)-funded departments pay premiums for this coverage. We are insured through the North Carolina Department of Insurance for this general property coverage. Placement of insurance coverage is arranged through Insurance and Risk Management (IRM) at NC State University.

University departments have the option, as their business decision, to purchase additional property insurance coverage for perils such as wind, hail, sprinkler leakage, vehicles, theft, vandalism, and other perils. Also available for purchase is coverage for special perils "all-risk" and scheduled "all-risk" coverage. Information can be found at the Insurance and Risk Management Website at http://www2.acs.ncsu.edu/insurance/ or contact our office by phone at anytime.

Two very important reminders in the best interests of our department customers:

(1) Coverage is location-specific, thus, it is very important that your department representative notify IRM of any facility moves involving relocation of contents as property assets.
(2) If your department acquires contents and equipment that may reflect a significant increase in asset values at an existing location, please also inform IRM. Upon notification from your department, we will report these values to our insurer as increases in respective coverage limits at the applicable location. Remember, there is no premium charge for fire coverage for general- funded assets, so those value increases would not result in an increased premium.

In closing, this is a good time for an insurance review or " check-up." Let us know if we can be of service at IRM. Thank you…

IRM Staff