Obtain Property Insurance

Property insurance for equipment and real estate, auto insurance, and inland marine insurance are the most important types of insurance coverage necessary for sponsored projects.

Property Insurance for Equipment

When the purchase of equipment is central to the success of a sponsored project and the equipment is difficult to replace, it is recommended the principal investigator (PI) insure RFCUNY purchased assets under the blanket RFCUNY commercial property insurance policy. In the event a project suffers an uninsured loss, project funds must be used to replace the equipment. RFCUNY will not reimburse a project for an uninsured loss.

To enroll RFCUNY leased or purchased equipment under RFCUNY’s blanket commercial property insurance policy, the following information is required:

  • Name and contact information of the project’s principal investigator.
  • Project Sub-Year (PRSY; project number to be charged).
  • Copy of the lease (detailing the item model, manufacturer, year, serial number and price).
  • Sales brochure or technical documentation.


RFCUNY’s current blanket commercial property insurance rate is $1.50 per thousand dollars of value (e.g., a $20,000 photocopier costs $30 per year) to insure at the full replacement value. Replacement value means the insurance company will pay for the purchase of a “like kind and quality” of the lost object regardless of the actual cost of the replacement. In cases of rare and hard-to-replace equipment, loss-of-use coverage may be included to compensate for the extra costs associated with the time and effort necessary to replace the equipment.


Each year during the month of May, every insured individual is sent a list detailing the property they have scheduled under RFCUNY’s blanket commercial property insurance. The insured PI must update the equipment list of items and send the list to RFCUNY. The equipment list is sent by RFCUNY to the insurance company; an invoice is sent to the insured after the beginning of the fiscal year (July 1). Failure to notify RFCUNY of schedule changes or cancellations will result in continued billing at the previous year’s level.

Loss Payee Endorsement

There may occasions when equipment is leased that the lessor requests a “loss payee endorsement” from the lease. RFCUNY will provide certifications to the lessor upon request. In the event of a loss, the insurance company will issue a joint settlement check to RFCUNY and the leasing company.

Real Estate Leases

If a real estate lease requires a tenant to insure their own commercial property, RFCUNY offers Principal Investigators (PI) coverage, and works with a PI to determine the appropriate limits as well as the classification (individually or an a blanket basis). RFCUNY signed leases are reviewed quarterly to ensure compliance. The deductible for property coverage is $2,500, which is deducted from the PI's project account(s). All deductibles must be charged to the project.

Inland Marine Coverage

Inland marine property insurance provides coverage for items that are meant to be moved and used around the world unlike other property insurance, which insure items that remain at the address of the insured. The higher cost associated with this insurance type is due to the increased uncertainty and risk caused by moving items with no fixed address.

To purchase inland marine insurance, the following information is required:

  • Name and contact information of the project’s principal investigator
  • Project Sub-Year (PRSY; project number to be charged)
  • Copy of the lease (detailing the item model, manufacturer, year, serial number and price)
  • Sales brochure or technical documentation
  • A description of how and where the equipment will be used

The deductible for RFCUNY’s inland marine policy is currently $500.


Inland marine policy terms do not coincide with RFCUNY’s insurance fiscal year. Two months prior to the policy’s anniversary, the principal investigator will be required to update, confirm, or cancel their inland marine equipment schedule. Invoices are issued annually upon the termination of their insurance policy.

Insurance Loss

If equipment is lost, damaged, or stolen, RFCUNY’s insurance manager should be contacted immediately. The policy pays for the full replacement value (replacement of a “like kind and quality”) of the lost item(s).


Andrew Lysinger

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