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 of loss.
- 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.
- E&G Departments are responsible for the first $2,500, for each approved claim. Auxiliary Departments are responsible for the first $100,000 for each approved claim. E&G Departments are not responsible for deductibles for loss or damage of facilities. Only one deductible will apply per claim.
- 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 requested to assist in valuing the loss.
- Any salvage proceeds shall be considered as part of the overall claim.
- A police report must be filed on all claims involving theft and/or vandalism.
Updated: 02/27/2019 04:42PM