Insurance and Risk - Revaluation of Contents (FAQ)
Q. Should VAT be included or excluded in the replacement valuation?
A. VAT should be included.
Q. Should the value of computers include the software they contain?
A. Yes, unless the software is covered by a site licence and can be copied from another machine.
Q. Should peripheral IT equipment such as printers, scanners, external drives, etc., be included in the ‘Computers’ or the ‘Other’ category?
A. Printers, scanners, etc. should be included under 'Computers'.
Q. Should computers, which are kept exclusively at home, be included?
A. No, the policy only covers contents located in "any building owned or occupied by the University"
Q. Do we have to include hired/leased items, e.g. photocopiers leased from OCE/Canon through the University agreement (or are these covered by the company)?
A. Hired/leased items such as photocopiers, vending machines, etc. should be included. If, for example, a photocopier is destroyed in a fire, OCE/Canon would be looking for some sort of financial compensation.
The exception would be if the hire/lease agreement clearly states that the provider will be responsible for insuring the equipment.
Q. Should alarm systems be included in our submission?
A. This exercise is purely for contents and should exclude anything which could be regarded as either “hard wired” or an integral part of the building (e.g. cabling).
Q. Should personal items, in particular academic books, be included?
A. No, the insurance policy does not cover personal items
Q. Should shelving (fitted to walls), blinds and curtains be included?
A. Blinds and curtains should be included. The shelving will depend on whether or not it is fixed as part of the building structure - if you are in any doubt then you should include it.
Q. Which category should Audio Visual equipment come under?
A. AV equipment should be recorded under "Fixed Assets/ Equipment/Machinery & Plant.
Q. How should ‘Stock’ or ‘Work-in-Progress’ be valued where it relates to research items that have taken several months/years to get to their current state?
A. Only the cost of the materials used in getting an item to its present state should be included. The cost of staff time and input should not be included as, in the event of a claim, this will be covered separately under the Business Interruption element of the policy.
Q. Is stationery to be included and if so, under which category?
A. Yes stationery should be included but please do not spend time counting pens, paper etc. Simply decide on a rough estimate for items of this type and include it within the 'Other' category.
If you have a question that is not covered by any of the above, then please e-mail - email@example.com