Contents Valuation
Each year the University has to provide its property insurer with estimates of the contents valuation, per building. A full valuation exercise was performed in 2018 and we have asked schools, institutes and departments to provide us with any material changes (those over £100,000) since then. In 2020, we asked staff to notify us of new equipment purchases at the time of purchase going forward.
The Insurers has introduced new requirements regarding the information they need for High Value Assets and this is reflected in the changes to the Contents Valuation Template available on this page.
*Please note that these changes mean more of your equipment will be considered high value and you will need to provide the insurance team with details of these*
How to value your contents
Schools/Institutes and Departments should adopt their own processes and allocation of responsibility to ensure that contents valuations are maintained. However, we would ask that Heads of Administration/Professional Services for each School/Institute/Department, ensure that contents valuations are provided for their School/Institute/Department.
In the event that you do have a fire or other incident resulting in a claim, we recommend that you maintain itemized lists of contents for large or more expensive items, and include estimates for more generic items and for smaller items/consumables. For example, you are not expected to count every pipette and every desktop/laptop – estimates of numbers of these would be sufficient.
The values should be:
- The current replacement cost
- Inclusive of VAT, if it applies
How to update the insurance team
The template Contents Template 2021 should be completed and returned to finance-insurance@glasgow.ac.uk.
Changes to this form from the 2020 version are:
- Inclusion of a column for rooms within buildings.
- Items over £250,000 or an accumulation of items in one room over £1 million are required to be detailed separately to the insurer (previously the threshold was £1m)
This information is required going forward. We appreciate that updating your values to per room may be a considerable amount of work, and so we ask that you complete this in the first instance for high value equipment.
When to update your valuations and the insurance team
Information about your existing high value equipment is required before 10th June 2021.
You should notify the insurance team in the event that your contents valuations change by more than £100k. This should be done on an ongoing basis - at the time of purchase or disposal of contents.
Additionally, we require you to do a review of your high value equipment and provide information about your high value equipment before 10th June 2021.
Any new equipment purchases of over £100k must be notified to the insurance team at the time of purchase.
If a new academic member of staff joins the university, bringing with them equipment further to their grants, the member of staff should complete the Contents Valuation Template 2021 and pass it to the insurance team.
If equipment or assets are acquired (but not purchased) by the University, the Contents Valuation Template 2021 should be completed and passed to the insurance team. You should advise whether your entry is additional amounts only or a revision to the totals that have previously been notified to the insurance team – this is in column Y of the template.
Unsure what information we currently have for your department?
Please contact finance-insurance@glasgow.ac.uk who will be able to provide you with the information that we currently have.