What is the insurance coverage for missing, stolen, or damaged property owned or leased by the University?

The University insures all the property it owns, on and off campus.  Under certain circumstances it also insures property departments rent, lease, or borrow.  Property coverage is worldwide and is based on the actual replacement or repair cost.  Further, there is a $1,000 deductible per claim, paid by the department(s) that suffered the loss.