Program Summary: The Risk Financing and Insurance Department has designed an insurance program for eligible goods and equipment in transit, including shipments over coastal or international waters, storage during transit, and temporary use abroad. The Goods & Equipment in Transit Program is intended to supplement coverage beyond that granted within the University's Master Property Insurance Policy, the 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 and can cover items in transit for durations as a short as one day, or one leg of transit, or for the entire duration of time an item is away from its base Harvard site. 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 that is traveling away from its Harvard base 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 & Insurance Department and the associated premium paid prior to coverage becoming effective.
This program insures eligible property only if the following conditions are met:
- The items must be packed for transit by qualified personnel in appropriate packaging.
- Documentation of the condition of the equipment at the time of packing (photographs are preferred) must be retained by the TUB/Department which owns or is responsible for insuring the property. Such documentation shall be made available upon request by the Risk Financing & Insurance Department in the event of a loss.
- Any vehicles rented by Harvard personnel for the purpose of transporting property must be rented in accordance with the University's travel policy
Policy Description: The Goods & Equipment in Transit insurance program covers 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. However, the policy only covers property which has been declared to the Risk Financing and Insurance Department and added to the schedule of covered property on the policy. 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 by fires, thieves, jettisons, breaches of trust by crew, bursting of boilers, breakage of shafts or through any latent defect in the machinery, hull or appurtenances of the transport vehicle, and other, similar losses. The policy further provides reimbursement for the defense, safeguard, and recovery of the goods insured.
Significant Policy Exclusions: The policy does not cover loss or damage caused directly or indirectly by, or resulting from:
- Capture, seizure, confiscation, nationalization;
- Nuclear hazard-atomic weapons, torpedoes; radioactive contamination; terrorism;
- Hostilities and warlike operations; chemical, biological, and electromagnetic weapons; civil war, revolution, rebellion;
- Misrepresentation, fraud, dishonest acts, theft, vandalism;
- Strikes, lockouts, labor disturbances, riots, civil commotion;
- Inherent vice.
Enrollment Procedure: Harvard schools, departments, or affiliates wishing to obtain a quote for or purchase the coverage under the Mobile 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 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.