Shipment of Property
Protecting the shipment of items that are shipped either to campus or off campus known as “transit” insurance is fairly easy to resolve. The key items to consider are;
- What party is responsible for insuring the risk of transporting an item?
- Have a detailed description of the item including serial numbers
- Establishing a value of the item(s) being shipped
- How is the item being packed?
- How is the item being shipped?
- What party is actually transporting the item?
- Is the University responsible for insuring the risk once the shipment has arrived?
For items that are leaving campus or being sent to campus for which we are responsible, it is essential that such items be inventoried.
For items valued less than $50,000 you need only keep records in your department files – please keep track of the items that are leaving or being shipped, serial #’s of these items, the replacement cost, dates of departure and the method of transit (including items that are being personally carried as baggage). Risk Management asks that you submit quarterly reports of items being transported. A reporting form can be found here
For items $50,000 and over, (including items that are personally carried as baggage)those items must be reported to State (of Wisconsin) Risk Management via the following website
Covered property while in transit is insured against all risks of loss from any external causes. Some exceptions will apply, including improper packaging.