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 that departments rent, lease, or borrow.  Property coverage is worldwide and reimbursement is based on the lesser of repair or replacement of covered property damaged by a covered cause of loss/peril. Further, there is a $1,000 deductible per occurrence, paid by the department(s) that suffered the loss. Reimbursement of the excess above the deductible amount occurs after the department has paid for the repair or replacement cost.