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 with 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.