General Fund Supported Facilities
The University of Northern Iowa purchases commercial property insurance, including earthquake and flood coverage, for its facilities. There is a $2,000,000 deductible on general fund supported University buildings.
A contingent fund exists under Section 29C.20 of the Code of Iowa to provide compensation for loss or damage to state property (casualty loss). The University may seek reimbursement of property losses in excess of $5,000 from the State of Iowa pursuant to Iowa Code Chapter 29C.20.
By agreement with the State, claims in excess of $5,000 or an aggregate of $10,000 may be submitted to the Executive Council for considerations. If the loss exceeds $500,000, it is necessary to seek an appropriation from the General Assembly. Losses must be reported within 48 hours.
Money from the state contingent fund may be requested for repairing, rebuilding or restoring state property injured, destroyed or lost.
Self-Supporting, Auxiliary Operations and Facilities
The University maintains property insurance on self-supporting, revenue-generating and auxiliary facilities which are an integral part of the operations of the University. Insured facilities include the residence halls, Maucker Union, UNI-Dome, McLeod Center, Field House System, rental houses and other auxiliary operations.
Property insurance generally covers loss by fire, lighting, smoke, theft, explosion, wind and hail. Deductibles range from $1,000 to $100,000.