Coverage for Property
MCIT’s property coverage is broad, providing all-risk coverage to members when losses occur.
MCIT property coverage includes:
- Property in the open
- Extra expense
- Equipment breakdown
- Contractor’s equipment
- Electronic data processing (EDP)
- Miscellaneous personal property
- Valuable papers and records
- Theft, disappearance and destruction
Details about property coverage are provided in the current year’s MCIT Coverage Document and the Coverage Review webinar.
For information about how MCIT coverage applies to auto physical damage and liability, see the Auto Coverage page.
The Importance of Property Schedules
A significant factor in ensuring that coverage will respond when a member experiences a loss is having up-to-date property schedules, as well as placing property in the best category for coverage. All members with property coverage have property schedules on file with MCIT. Schedules detail:
- The property the entity has covered
- The line of coverage that applies
- The limit of coverage available
- How that property will be valued if damaged or destroyed
- The per occurrence deductible
MCIT recommends that each member designate a general gatekeeper for notifying MCIT of changes that need to be made to the property schedules. Changes can be made easily at any time by submitting a change form through the online member portal.
Risk Management for Property
MCIT provides several articles explaining property risks and ways to manage them. Find them in the Resource Library. Members are also encouraged to contact their risk management consultant with questions they have about specific property issues.