University of Toronto Financial Services / University of Toronto
Risk Management and Insurance Department
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The University carries a full range of blanket policies covering all of its premises and operations against normal insurable risks. These are centrally funded except for some specialized policies which are purchased on a user pay basis. The principal coverages and related descriptions follow.




Main Property Policy

Covers against “all risks” of physical loss or damage to University owned or leased buildings and contents on full repair/replacement basis. It insures against perils such as fire, windstorm, water damage, theft, and other accidental physical loss. This coverage is subject to $2,500 deductible per loss.

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Comprehensive General Liability

Covers against legal liability arising from University operations which cause bodily injury, personal injury or damage to property of others (third parties). Includes risks related to sporting activities, contractual obligations, student practicums, incidental medical/dental malpractice, etc.

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Errors and Omissions Liability

Covers against liability for Wrongful Acts, i.e. for claims alleging that an appropriate professional standard of care or service was not met or that an act was somehow tainted by misstatement, misfeasance or misconduct. Includes coverage normally referred to as Directors and Officers liability as well.

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Automobile Policy

Motor vehicle insurance is a specialized form of coverage prescribed by statute. The University carries liability insurance on all vehicles owned or operated by or on behalf of the University (including occasional business use of personal autos approved by the employee's supervisor) with a limit of not less than $5 million per accident.

The Ontario Automobile Insurance Act has been revised a number of times in recent years and is a modified no-fault system. This means that all vehicle damage, regardless of cause or fault, is insured through the vehicle owner's policy with a few minor exceptions. Fault only matters in regard to premium charges, not claim payments.

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Fine Arts Policy

Covers against “all risks” of physical loss or damage to paintings, etchings, drawings, musical instruments of all description, rare books, manuscripts and other bona fide works of art or rarity, historic value or artistic merit as per the wording agreed by Underwriters. All items to be insured must be listed and valued per schedule on file with Underwriters.

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Personal Professional Property Policy                              

Covers physical loss or damage to property on repair/replacement basis subject to $1,000 deductible which is owned by faculty or staff members and used in connection with their professional activities on campus. The University maintains this policy on a contingent basis only.  Faculty and staff are advised to take out specific coverage for their personal property as suited to their own particular needs.

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Boiler and Machinery Policy

Comprehensive machinery breakdown coverage on boilers, pressure vessels, electrical and mechanical equipment (motors, transformers, switchgear, air conditioning units) on a full repair/replacement basis.

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Crime/Fidelity Policies

Coverage against loss of money or securities as well as fiduciary liability of University employees in the workplace. This is a high limit, high deductible policy.

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Transit/Shipment or Receiving of Goods

Equipment purchases should normally be made on the basis of FOB point of delivery. That is, the vendor assumes the transportation risk (termed Free on Board or FOB) for the goods up to the point of destination which is normally to the University's premises and includes loading/unloading.

In certain cases, the transit risk may be negotiated separately for business reasons, for example when goods are being sent out for repair. When the University ships goods for purposes of repair, loan or for use in field research, either the shipping company or the University would normally undertake the transit risk.

Normally, if the shipper provides insurance, it is first dollar coverage at a tariff rate between 0.5% - 1% of the value of goods shipped and this is a cost effective alternative for low value shipments (up to $25,000).  The University’s standard coverage has $2,500 deductible and generally cost effective for larger value shipments when the premium cost is a significant factor. 

The Risk Management and Insurance Department should be consulted for any special arrangements which need to be made in this regard.

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All insurance policies contain deductible provisions which are intended to impart some custodial responsibility for preservation and protection of property.

Insurance should be viewed as a spreading mechanism to protect the University against unaffordable financial loss and not as a first dollar recovery fund for any and all claims.

In recognition of the custodial obligations of divisions for the property entrusted to them, the University imposes a responsibility deductible of $2,500 per claim.

Departments having custody of University equipment are responsible for this deductible amount. It applies to all property losses whether occurring on or off University premises and regardless of causation or fault.

Certain other policies of a more specialized nature have various deductible amounts, some of which may change from time to time depending on insurance market conditions.

Any specific queries in this regard should be referred to Tanya V. Patina, Insurance and Claims Administrator.

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