Program Summary: The Risk Financing and Insurance Department has designed an insurance program for mobile property, including property that does not reside in a Harvard-controlled location or that is temporarily away from its Harvard base. The Mobile/Movable Property (a.k.a. inland marine) program is available to cover eligible property in leased premises, outdoor property, property that travels/does not reside in a permanent location, and property that requires specified value coverage. Intended to supplement coverage beyond that granted within the University's Master Property Insurance Policy, the Mobile/Movable Property policy is specifically designed to cover movable property which is owned by Harvard or which a Harvard School, Administrative Unit or Department is obligated to insure under a written contract or agreement. Coverage can be provided on a replacement cost or stipulated value basis. The policy provides coverage on an all-risk basis and pays the cost of repairing or replacing covered property (or stipulated value, where specified) which experiences direct physical loss or damage from covered events.
Eligibility: Property not housed in a Harvard-owned building (i.e. housed in premises not controlled by Harvard, permanently located outdoors, or property that does not reside in a permanent location) is eligible for coverage under the program if it is Harvard-owned or if Harvard has a contractual obligation to insure it. For property to be insured under this policy it must be declared to the Risk Financing and Insurance Department and the associated premium paid prior to coverage becoming effective.
Policy Description: The Mobile/Movable insurance policy covers movable property which is owned by Harvard or which a Harvard School, Administrative Unit or Department is obligated to insure under a written contract or agreement. The policy pays the cost of repairing or replacing covered property, on a replacement-cost or stipulated value basis, which experiences direct physical loss or damage caused perils such as fire, lightning, windstorm, hail, riot, civil commotion, aircraft or vehicle collision, smoke, explosion, vandalism, malicious mischief, theft, flood and earth movement (including earthquake and subsidence), leakage from fire protective equipment (e.g. sprinkler systems), sinkhole, and breakdown of mechanical equipment. The policy will also pay the cost to expedite repair of covered property and any extra costs incurred to temporarily use other property necessary to continue your business operations up to a limit of $25,000.
Significant Policy Exclusions: The policy does not cover loss or damage caused directly or indirectly by, or resulting from:
- shortage found on taking inventory
- wear and tear, gradual deterioration;
- governmental action (loss resulting from the seizure or destruction of the insured’s property by order of a governmental authority);
- war and military action (loss caused by war whether declared or not, insurrections, and civil wars);
- loss of use or loss of market;
- dishonest or criminal acts of Harvard or any employee;
- discharge, dispersal, seepage, migration, release or escape of pollutants;
- hidden or latent defect in covered property that causes it to damage or destroy itself;
Enrollment Procedures: Harvard schools, departments, or affiliates wishing to obtain a quote for or purchase the coverage under the Mobile/Movable Property Program must submit a Coverage Request through our Online Risk Management System.
Because individual Harvard units retain ultimate responsibility for loss or damage to its property, we strongly suggest contacting the Risk Finance and Insurance Department at least two weeks prior to your desired coverage effective date department to ensure necessary insurance coverages are in place.
Claims Procedures: If property insured under this policy is damaged or stolen the School, Administrative Unit or Department that purchased the insurance must:
- Take all reasonable actions necessary to protect the property from further loss or damage and keep a record of the expense incurred in doing so;
- Notify local law enforcement if there is evidence that any law may have been broken (e.g. evidence of theft/vandalism);
- Take photographs of any damaged property prior to beginning any clean-up, restoration or undertaking emergency repairs process and retain them as documentation of the loss;
- Notify the Risk Financing and Insurance Department as soon as possible after taking the above steps and prior to undertaking any non-emergency repairs. Notification of loss or potential loss may be submitted by completing the claim reporting form on the Risk Financing and Insurance Department’s Online Risk Management System.