For the equipment you hire to be covered by Students' Union UCL insurance it needs to be logged and submitted to our insurance company. If you do not do this and the equipment is damaged or goes missing you and your Club or Society will be liable for the full cost to replace the item. This has happened in the past and caused societies very serious financial difficulties and embarrassment.
In addition to this guide, make sure you consult the guide on How do I hire goods or equipment to make sure you follow the correct processes.
Complete the Short Term Insurance Form and return it to [email protected] at least 1 week before the hired items arrive. You will be contacted to confirm when the insurance has been arranged. Contact the finance Finance Department on [email protected] if you are not sure of any part of this process.
When your hired equipment arrives ensure the equipment is kept securely locked away whilst it is on hire with you. Don't forget the insurance policy may be invalidated if the items insured are not stored securely.
When returning the items you hired, ensure that they are returned complete and in the condition you were given them. If you have any doubt about this contact the Student Activities team who can assist you.
Any new equipment your society purchases must be insured so that we can replace it if it is stolen, lost or damaged.
The insurance will only cover the item for its market value, so as the item gets older in most cases it will depreciate and be worth less each year than when you purchased it. This means if a piece of equipment goes missing the insurance may not cover the full cost of replacing the item with a brand new one. This inevitably means the society would need to contribute to new items being bought as replacements in most cases.
Make sure any valuable items are stored securely, and make a note of this, as it will affect the insurance should any claims be made. Presidents and Treasurers should use the Union provided storage areas for the storage of all Club or Society owned equipment.
The Insurance Excess Fee is £100 - so please ensure that anything you wish to insure is greater than this value.
When you purchase a new piece of equipment, email [email protected] to ask us to update your inventory. You will need the full details of the piece of equipment, including name, storage location, model number and value. Once it is placed on your inventory, it will be covered by the Union’s insurance policy.