The Business Insurance covers:
- Property Insurance
- Consequential Damage Insurance
- Liability Insurance
- Supplementary insurance cover
For each partial insurance, the Government agency selects a risk amount. The risk amount, minus the excess amount, is the highest amount payable to the University in case of a claim. The risk amount is determined based on the agency's own risk analysis and the maximum amount of damage deemed possible to occur at one and the same time.
For each partial insurance, the Government agency selects an appropriate excess amount. The excess amount equals 5 base amounts (SEK 232,500.00 (2019)) of which the relevant department, faculty or office pays 3.5 base amounts. The remaining 1.5 base amounts are paid by jointly allocated funds. The Faculty Board determines the proportion of distribution between the Board and department in question. Given the high excess amount payable, all employees are encouraged to treat the University's property as if it was uninsured. In case of theft, for example, the office or unit itself will have to meet the cost of replacing what has been stolen.
Making an insurance claim
To make an insurance claim, the damage must be reported without delay to the Safety Officer at the University. In order for the claim to be processed and compensation paid out, the damage must also be reported in writing to the Legal, Financial and Administrative Services Agency (Kammarkollegiet) within a period of one month.
However, before compensation is paid out from the Board's own funds, it must proven that due care and diligence has been exercised, for example, by keeping theft-prone equipment locked, in a secure area or under constant supervision.
The property insurance is a comprehensive insurance that covers property owned by the Government agency. In the event of a claim, the policy provides compensation for the cost of replacing or buying a new item. Compensation for irreplaceable items is paid out based on the market value of such items at the time of the damage being caused.
Consequential Damage Insurance
The consequential damage insurance covers any additional costs that may arise from damage to property caused, for example, in connection with the rental of premises or equipment while the original property is being repaired. The consequential damage insurance also covers loss of revenue from contract-financed activities. The consequential damage insurance then takes the form of a business interruption insurance.
The liability insurance covers the Government agency's liability for damages and also compensates other costs.
Additional Business Insurance
Today, there is also the option of an additional business insurance that, for example, covers artwork on temporary loan or other valuable equipment. Any additional insurance cover that the University may require must be agreed with the department or office/unit in question.