Claims

Damage/Theft of University Property

The University covers University-owned property against damage and theft subject to a deductible. Items originally purchased from a General Fund account are subject to a $500 deductible, and items originally purchased from an Auxiliary Fund account are subject to a $50,000 deductible to be paid by the department experiencing the loss.

Procedures for Submitting an Insurance Claim to Replace University-Owned Property

• The department that experienced the loss of property should report the incident to the Department of Public Safety (DPS).
• Departments should report the incident to Risk Management and Workers’ Compensation, utilizing the Property Loss Claim Form along a copy of the original Purchase Order.
• Departments may collect funds to replace property contingent upon the following conditions:
• Department exercised care, custody and control of lost property.
• Department is replacing lost property with same or like/kind and quality.
• The amount the Department may collect is determined by various conditions, including but not limited to:
• Remaining useful life of lost property.  Generally, property is depreciated based upon a 10-year life.
• The Department may collect an amount equal to the prorated replacement cost (remaining life of loss property will be considered in the proration) less the deductible.

Non-University Owned/Personal Property

The University does not provide insurance coverage for the personal items of students, faculty or staff.  Personal items might be covered under a homeowner’s or renter’s insurance policy.