Fillable Form Bao-Pur403b - Miscellaneous Personal Property Loan Agreement (Page 2 of 2) in pdf

MISCELLANEOUS PERSONAL PROPERTY LOAN AGREEMENT

INSURING AGREEMENT

The LENDER and PSU agree to the following terms:

PSU’s self-insurance program, the state Insurance Fund, insures against all risks of direct physical

PSU will give the items left in its custody the same care provided similar property of its own,

loss or damage from any external cause. Payment to replace or repair property that is lost or

but assumes no additional responsibility or liability with regard to such items.

damaged will not exceed state Risk Management finding of reasonable replacement cost under ORS

278.011(3).

Items shall remain in the possession of PSU for the time specified on the reverse side, but may

be withdrawn from use at any time by the director of the using department at PSU.

Conditions for Coverage: Should the LENDER not have insurance which covers items loaned to

PSU, the state Insurance Fund will cover the items provided that a written agreement, signed and

PSU shall return the items only to the LENDER at the address stated on the reverse side, unless

dated by the LENDER prior to any loss or damage, listing loaned items and their estimated values, is

the LENDER notifies PSU in writing to the contrary.

in PSU’s possession:

LENDER, or authorized agent, may withdraw the items before the scheduled date of removal

Exclusions: The self-insurance program does not insure against:

upon surrender of this agreement or upon LENDER’s written request made to PSU.

Loss or damage from wear and tear, inherent vice, reasonably discoverable corrosion or decay,

If at the expiration date of the loan period the LENDER fails to remove the items, or following

gradual deterioration, insects, vermin, freezing, dampness, continual moisture seepage,

that date. PSU has given the LENDER thirty (30) days to effect removal and such action has

temperature extremes, power fluctuations, mechanical or electrical breakdown or failure, unless

not occurred, PSU has the right to place said items in storage or to return the items to the

such damage is the result of other loss covered by this policy;

LENDER, either option to be at the LENDER’s risk and expense. In any case, items shall be

returned to the LENDER by such means as PSU shall determine.

Loss or damage from delay, loss of market, loss of use in interruption of business;

Should change in ownership occur during the time the items are on loan, the new owner must

Loss or damage from infidelity and dishonesty of any person, whether or not such act or acts

provide proof of ownership to PSU before the items will be released. In addition, the LENDER

occurred during the regular hours of employment or service, or any person or persons to whom

must notify PSU to effect release to the new owner.

the property may be entrusted (carriers for hire excepted)

Should the LENDER not carry insurance which covers the loaned items, PSU shall insure the

Loss due to normal ground water conditions;

items left in custody through the State of Oregon Insurance Fund as agreed and authorized by

PSU’s Contract Officer. See Insuring Agreement at right for details. If insurance is not

Loss due to dropping or breakage;

authorized, due to missing or incomplete information on the front of this Agreement, or due to

expiration of loan period before submission to Contract Officer, this Agreement shall constitute

Loss of an indirect nature, such as re-keying locks upon theft of keys;

a release and waiver of the board of Higher Education, PSU, its employees, officers, and agents

from any liability in connection with the loaned items listed on the Agreement, except for

Loss caused by asbestos, PCB’s or other contaminants used in building materials;

clearly negligent conduct.

Loss to research products which requires the repeat of all or part of the project, research or

Personal property covered by the Insurance Fund is subject to a $2500 deductible for covered

experimentations;

losses. In the event of a covered loss, or of a partial loss where repairs will not exceed the

deductible, said deductible is only payable to the LENDER at the discretion of PSU.

Diminished market value due to repaired damage or due to loss of a piece, item or unit from a

set. Reasonable cost to repair or restore damaged items or to make reproductions of lost parts of

Information shown on the reverse side describing the items are as given by the LENDER. Any

a set will be paid.

valuations shown are not to be considered as appraisals by PSU.

Loss due to mysterious disappearance, meaning any of the following;

•

10. The fact that items have been in PSU custody shall not be construed to indicate PSU

The insured item was not in a know place at a know time at the time of its loss; or

•

endorsement.

There is no physical evidence of theft; or

•

The insured item merely shows up missing in an inventory; or

11. Item may be photographed by PSU and reproduced for its own purposes, unless the LENDER

•

The facts suggest that the insured item was merely mislaid or lost.

notifies PSU in writing.

This exclusion is by law.

BAO-PUR403b (rev.02/06)

Form Bao-Pur403b - Miscellaneous Personal Property Loan Agreement Page 2

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