UI FLOOD INSURANCE INFORMATION

The University of Iowa is insured for the flood for property loss and business interruption with FM Global. There is a $3 million overall deductible and a number of other limitations to aggregate claims for flood damage. The University also has flood insurance through the National Flood Insurance program. FEMA and the State of Iowa may also provide financial support.

Basic Guidelines to Understanding Coverage to Consider:

• Insurance coverage is to help restore the University to the same condition as prior to the event (flood).
• If an item can be repaired, the insurance carrier will owe for the repair.  If however, the University decides to “upgrade”, the expense associated with the “upgrade” will be the responsibility of either the University or the department.
• If an item cannot be repaired, and the item is to be replaced, the insurance carrier will owe for the replacement of a “like, kind and quality” of the item lost.  If an item is no longer available, the insurance company would owe for purchase of an item most similar to the product lost.
• If supplies cannot be accessed in buildings affected by the flood and are needed for the summer session, supplies should be ordered.  Purchasing will be able to assist you.
• If an item was damaged and will not be replaced, the insurance carrier will owe the actual cash value of the damaged item.
• Equipment needs to be evaluated to determine if repair or replacement is needed.  Risk management and purchasing will be able to assist you.
• Department staff will have the opportunity to inspect damaged property.  The Provost office is coordinating this effort.
• Personal items lost in the flood should be submitted to your personal homeowner’s policy.  The University’s insurance policy does not cover personal items lost in the flood.
• Damaged contents will be inventoried by the disaster restoration vendors and the insurance company will determine any salvage value.
• Risk management will be working with the insurance carrier and will assist departments in identifying and submitting expenses associated with the flood.

NEW! Frequently Asked Questions— University of Iowa June 2008 Flooding—Insurance FAQs (pdf)

Flood Related Costs—Allowable Building Codes (pdf)

For Risk Management related questions, please contact Donna Pearcy at donna-pearcy@uiowa.edu or 335-0010.

For Purchasing related questions, please contact Debby Zumbach at deborah-zumbach@uiowa.edu or 335-3815