Automobile Physical Damage

Oklahoma State University has Liability coverage for automobiles on all vehicles through the Oklahoma Governmental Tort Claims Act.  However, this covers liability only.  OSU does, however, offer departments the opportunity to cover vehicles for what would be considered Comprehensive and Collision coverage in your personal vehicles.  This is an ALL-RISK coverage, and is called Auto Physical Damage. This coverage is limited to vehicles located in the United States and Canada.

In order to provide this optional coverage, the vehicle in question must be listed on the policy.  The form to add a vehicle to the policy is linked below.  Only those vehicles listed by the department are covered, and the vehicle will be covered until Risk Management is notified to remove the vehicle.

The annual cost of this insurance is approximately $1.03 per $100 of value.  As an example, a $500,000 vehicle would be approximately $5,000.00 at current rates.  This covers the lower of

 

1. Replacement Cost of vehicles 5 model years old and newer;
2. Actual Cash Value of vehicles more than 5 model years old
3. The actual cost of repair/replacement with other vehicle of like kind and quality at time of loss;
4. The value of the vehicle as shown on schedule.

The deductible on this policy differs by value.  The deductible is 5% of the reported vehicle value, with a minimum of $2000.  For wind/hailstorm damage only, the minimum deductible is $3500.

 

Vehicles should be re-valued annually after they reach 5 years old, as recovery is limited to actual cash value.

In order to create coverage for the desired vehicle(s) please complete the linked form (one vehicle per form) and send to r.stall@okstate.edu. Coverage begins when the completed form is received, and ends only when the department notifies Risk Management in writing to terminate coverage.

 

Please call Risk Management at 405-744-8504 with any questions.

 

Auto Physical Damage Coverage for State Vehicles Form

 

Inland Marine Equipment

Building contents, as reported by Budget and Asset Management through the inventory verification process, are insured under the University’s real property policy.  The real property policy requires damages to the actual building to trigger coverage.  At the point the coverage triggers, the University has a $100,000 deductible on the building and equipment that is actually in the building.

In order to provide coverage for equipment and property for things that happen to property that does not involve building damages or does not reach the level of the deductible, the University purchases an Inland Marine policy that covers listed equipment only.

The current (FY 2024) rate for this coverage varies from $.27 to .78 per $100 of covered value for most equipment.  There are different rates for different types of equipment.  As an example, a $100,000 piece of equipment contractors or farm equipment would cost $780.00 per year to cover, while a $100,000 x-ray machine would cost $270.00.  This policy has a $1,000 deductible.

In order to cover the desired equipment, please complete the linked form (one piece of equipment per form) and send to r.stall@okstate.edu.  Coverage begins when the completed form is received, and ends only when the department notifies Risk Management in writing to terminate coverage.

Please call Risk Management at 405-744-8504 with any questions.