The evaluations of the College’s assets are updated on a regular annual basis.

On new construction of facilities, values will be reported on the completed construction costs including all soft costs. It should be noted that the cost of construction at the beginning of a project, and the cost of construction at the end of a project, can differ widely, so we should request the completed value and re placement cost and report this figure to the underwriters.

Other Assts i.e. Contents and Equipment acquired during the policy term will be reported at their acquisition cost, taking into consideration any special discounting or potential supply availability issues.

Assets which are loaned to the College will be insured based on a value provided by the owner of the particular asset. It should be noted that these arrangements may be governed by a contractual agreement, and that contractual agreement may specify a value. It should also be noted that under the terms of legal liability assets which are not owned by the College, will generally only be insured for their actual cash value (depreciated value) costs.