Other sections in Insurance:
The University’s material damage policy covers equipment on campus. This policy carries a £10,000 deductible. If a theft or damage occurs which falls below this deductible, then the department will be expected to pay the full replacement cost.
Equipment taken off campus is covered by the policy's temporary removal section and carries a £250 deductible. When not in use the equipment must be kept in a locked room or cupboard and must not be left in an unattended vehicle.
Please note that personal belongings are not covered by this policy.
You need only notify Insurance that equipment is being taken off campus, if the total value of the items is over £250,000 or if any single item’s total value is over £50,000. We would then require the details of the items concerned, including the make, model, value, serial number (where appropriate), the dates they will be off campus, where and why it is going.
Where Lancaster University is borrowing equipment from another institution etc, there must be a clear understanding between both parties as to their responsibilities.
If Lancaster University has agreed to be responsible for the equipment, then generally speaking it will be covered under our material damage policy. There are however exclusions for certain circumstances so we recommend that prior to any agreement being formalised, you send an email to Insurance detailing the following:
Insurance would be happy to check any queries and it is important that the equipment is added to the contents insurance list for the duration of the loan.
Please note though that the University’s excess on this policy is £10,000 and would be payable by the department in the event of theft or damage on campus.
Where a department intends to loan out University owned equipment to individuals, there must be a clear understanding between both parties as to their responsibilities.
Please see the following Short Term Equipment Loan Form which should be completed and agreed prior to any loan being made.
We have also provided some Standard T&C's (Individuals) which can be applied. Where the department is loaning equipment to a member of staff you may delete the clauses highlighted in red text. This is due to existing Lancaster University insurance policies covering the equipment.
You must also refer to section 21.3 “Loan of University Property” of the financial regulations: as there are potential tax liability implications of loaning University property for private use.
Where a department intends to loan out University owned equipment to individuals/institutions, there must be a clear understanding between both parties as to their responsibilities.
We have also provided some T&C’s which can be applied. Standard T&C's (Institutions)
Please note that these clauses can and should be amended as appropriate to the loan circumstances.
Please contact insurance if you require more assistance.