High Value Assets
The University’s insurer requires us to take steps to protect our high value assets.
High value assets are those defined as:
- Any single item over £250,000
- An accumulation of items over £1 million
*Please note that this differs from the prior insurer requirement to notify them of high value equipment of over £1 million. This means more of your items are now in scope.*
Why do we have to do this?
As well as fire and accidental damage risks, high value assets are at risk of water damage. For example, from frozen pipes, air conditioning units, water coolers, experiments involving water, among other things. Many Higher Education institutes have had claims as a result of water damage which often prove to be very costly.
In addition to being potentially very costly insurance claims, incidents involving water damage to high value equipment can result in:
- A lengthy process of decontaminating and trying to repair the equipment;
- Disruption to research and teaching while the equipment is out of use;
- Time commitments required by those responsible for the equipment during the decontamination/repair process; and
- Lengthy lead times in the event that bespoke equipment has to be repurchased;
- Repeating research on new equipment.
We therefore need to take steps to identify water risks in the area of the equipment, and mitigate those risks.
What is the process for doing this?
1. Identification of assets and notification to the insurance team:
- Schools, Institutes and Departments are responsible for notifying the insurance team of high value equipment which they have. For existing equipment, we ask you to do this by 10th June 2021. For new equipment purchases, we ask you to do this at the time of purchase.
- In addition to notification of high value equipment, Schools, Institutes and Departments should be reminded that they are responsible for keeping their overall contents figures up to date and where these change materially, notify the insurance team.
- High value assets should be notified to the insurance team by emailing the Contents Template 2021 to firstname.lastname@example.org.
2. Completion of an "Escape of Water" risk assessment checklist:
- the Estates team will complete this and provide these to the insurance team.
- Equipment owners will likely be required to assist with this risk assessment, for example showing the Estates team where the equipment is.
- Due to the volume of risk assessments, we expect these to be completed over the course of FY 21/22.
3. Mitigation Measures:
- Where water risks are assessed as high, we will need to take mitigation measures to reduce these. This will require the Estates team and the equipment owners to work together to establish acceptable measures.
- Mitigation measures may include moving the equipment to alternative locations, moving water coolers/air conditioning units, installation of water detection devices.