What if we want to upgrade furnishings and equipment damaged in the flood? Will insurance cover that?
The purpose of insurance is to put the University in the same financial position as before the event occurred. If the department or the university wants to upgrade in any way (called “betterment” in insurance terms), the cost will be borne by the department or the university. That is, if an item can be repaired, the insurance carrier will owe for the repair, or for an equivalent replacement if no repairs are possible. If however, the University decides to “upgrade” by replacing a damaged item with a newer or nicer item, the expense associated with the “upgrade” will be the responsibility of the University or the department.
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