Property and Equipment Loss Reporting

  • The university carries property insurance to protect against direct physical loss or damage to buildings and equipment from events such as theft, fire, wind, lightening, hail, flood, or explosion. The University’s insurer does NOT cover the personal property of employees or students. 
  • When a loss occurs involving University property, it is the Department's responsibility to notify Risk Management within 24 hours using the Property Loss Report.  For losses involving multiple items or long lead-time repairs, submit the   Property Loss Summary form within 60 days of the loss event. 

    • Only claims for property under the ownership and control of the university and in which the university has an insurable interest may be submitted for reimbursement.
    • No payment will be made for the loss of property that is broken, abandoned or obsolete and intended for removal or disposal by the Department.
    •  No payment will be made for the loss of property where the determining cause of loss is solely attributable to deferred maintenance, normal wear & tear, or deterioration.
    •  No payment will be made for the loss of or damage to personal property of employees or students.
       
  • Departments are responsible for the first $2,500, or 25% of the total dollar amount of the loss, whichever is greater, for each approved claim. Departments will not be responsible for the deductible for loss or damage of facilities. 
  • Reimbursement will not exceed the cost to replace, repair, or restore the damaged property to the condition that existed immediately before the loss. 
  • For equipment losses, a copy of the original purchase requisition or invoice is required to assist in valuing the loss.
  • Any salvage proceeds shall be used to offset the amount of loss paid on the Department's behalf.
  • A police report must be filed on all claims involving theft and/or vandalism.