Departments have the option to schedule high-value or specialty equipment under the university’s Scheduled Property Floater policy. This supplemental coverage may provide broader protection than the university’s standard property program and allows for reduced deductibles in the event of covered losses.
Coverage Overview
This program provides an all-risk property policy, which means it covers direct physical loss or damage from any cause not specifically excluded. Covered causes of loss include, but are not limited to, events such as water damage, wind damage, hail, fire, theft, and vandalism, subject to policy exclusions. Exclusions include but are not limited to Wear and Tear, Earthquake, Flood (rising water), Water Below the Surface or Drain, Septic, Sewer Backup, Mechanical Breakdown, Theft from Unlocked Vehicle, and Mysterious Disappearance.
The policy reimburses for repair or replacement on a replacement cost basis (RCV), up to the scheduled value for each item.
Deductibles (by item value):
- Under $25,000: $1,000
- $25,000–$100,000: $2,500
- $100,000–$250,000: $10,000
- $250,000–$500,000: $25,000
- Over $500,000: $50,000
- Wind/Hail: 5% of item value, minimum $25,000
In the event of a covered loss involving one or more scheduled items, the deductible is applied per occurrence using the highest deductible associated with any of the scheduled items involved.
Equipment breakdown and business interruption are not covered under this policy; however, these types of losses may be eligible under the university’s master property policy if the total loss exceeds the departmental share of deductibles. Watercraft and Aircraft are only covered while in storage.
* Coverage is subject to all policy terms, conditions, and exclusions.
Eligibility Requirements
This program is optional and available by enrollment only. Coverage is provided for state-owned equipment. However, it may also extend to equipment owned by others that is within our care, custody, and control when the premium is paid using non-state funds (e.g., a federal grant) on a case-by-case basis and when required. Equipment must be specialized, high-value, or used in research, instruction, or field operations. Standard office equipment (e.g., desktop or laptop computers, printers, copiers) is not eligible.
How to Enroll
- Complete the Specialty Equipment Registration Form at the link below.
Specialty Equipment Registration Form
The following information must be submitted for each item:
- MSU Inventory Number
- Description of Property
- Serial Number
- Make/Brand/Manufacturer
- Model
- Replacement Value (Limit of Reimbursement)
- Division
- Department
- Responsible Faculty/Staff
- Property Location / Building Name
- Building Room
- Is Property Mobile? (Yes/No)
- Billing FOAP
Single items may be entered directly into the webform, or multiple items may be compiled using the Specialty Equipment Insurance Program Addition Form and attached to the form.
- OCRM will review your request and confirm item eligibility
- OCRM will provide a premium quote for the submitted item(s)
- OCRM will bind coverage and provide an effective date
Premium Cost
The current base annual premium rate is $0.8923* per $100 of insured value and will be due when coverage is bound. This rate may change based on risk characteristics or exposure. If the insurer requires a different rate, OCRM will notify the department and confirm acceptance prior to binding coverage.
Example Premium Calculation A $75,000 field research camera, enrolled on September 1, 2025, would be charged a daily pro-rated premium through the policy period ending May 31, 2026 (274 days remaining):
- Annual premium: $75,000 ÷ 100 × $0.8923* = $669.23
- Daily rate: $669.23 ÷ 365 = $1.83
- Pro-rated premium: 274 × $1.83 = $501.42
Applicable deductible for a claim: $2,500
*The insurance carrier may choose to underwrite individual items valued above $25,000. In such cases, the rate may differ from the standard policy rate based on risk. OCRM will contact departments to verify and confirm the premium before any coverage is bound.
Filing a Claim
To file a claim, please contact OCRM as soon as possible by calling 662-325-6820 so that the necessary investigation and documentation can commence. Visit our Property Claims Reporting Procedures page for more guidance on filing a claim.
Questions?
Contact Eric Wilder
Insurance and Risk Management Specialist
1221 Blackjack Road
662-325-6820