When Equipments Needs Insurance

Equipment may require insurance when it is:

  • Being transported (shipping, moving, or sent out for repair)
  • Loaned to or borrowed from an external organization
  • Not owned by Georgia Tech but used on campus
  • Sponsor-owned or project-funded and leaving campus
  • Georgia Tech-owned and being used offsite or at home (see GT-Owned Equipment below)

 

 

Equipment Coverage Types

For all equipment requiring insurance coverage, departments must complete the appropriate form(s) and email them to the Insurance & Claims Management team.

Insurance coverage is not initiated until all required forms and, when applicable, the loan agreement have been received by Insurance & Claims Management.

 

GT-Owned Equipment

Georgia Tech-owned equipment is generally covered under Institute policies. Additional forms may be required when equipment is shipped, moved, leased, rented, or sent out for repair.

Equipment valued at $3,000 or more that will be used offsite or at home must:

  • Be designated as offsite in the Asset Management System.
  • Insurance coverage begins once the equipment is designated as offsite in the Asset Management System.
  • Insurance coverage ends when the offsite designation is removed.

Sponsor-Owned Equipment

Equipment funded or owned by an outside sponsor requires the appropriate Trip Transit Insurance Form when being transported or shipped.

Non-GT-Owned Equipment

Equipment not owned by Georgia Tech but used on campus must be documented and insured using the Non-GT-Owned Equipment Form.

Low-Value Equipment (Under $3,000)

Loss or damage involving equipment valued under $3,000 should be reported using the Equipment Under $3,000 Claim Form.

 

If Equipment Is Lost, Damaged, or Stolen

Departments should:

  • Report theft immediately to the Georgia Tech Police Department.
  • Submit the appropriate equipment or insurance form.
  • Include a detailed inventory of affected items.
  • Provide supporting documentation, such as:
    • Photos
    • Receipts
    • Serial numbers
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