C. NCAC has an insurance policy for the equipment while it is used by members. Premiums are paid by NCAC and the policy is in NCAC's name. In the event equipment is damaged, destroyed, lost or stolen, the community producer must cooperate fully with the NCAC Insurance Carrier. The community producer is responsible for the deductible, which is 20% of the amount of the claim with $250 as a minimum and $2500 as a maximum. The community producer may elect to waive this deductible by paying a one-time fee, established annually, for the Deductible waiver fund. In case of theft, in order for the insurance company to honor the claim, the community producer is responsible for the following:
In the event NCAC's claim is not honored by its carrier,
and the community producer is found to have failed to take
reasonable precautions to protect the loaned equipment, it is the
responsibility of the community producer to reimburse NCAC for
the full replacement value to be determined by NCAC.