Property Loss Recovery Procedures
Attention
Claims must be submitted to Risk & Insurance Services within 5 working days. Claims will no longer be accepted if they are beyond 60 days from the date of loss.
The University of Utah's current Property Insurance Deductible is $5,000 per occurrence. University departments are responsible to pay the deductible of each property loss. Insurance will reimburse covered losses above that deductible.
Required Claim Steps and Procedures
The following is a list of the necessary steps for consideration of insurance recovery in case of theft, loss or damage.
Please Note
Generally, the University's property insurance policy excludes coverage for property owned by University faculty, staff, students or visitors. Such persons' homeowners or renters insurance policy applies on a primary basis for any loss to personal property.
Contact University Police
Contact University Police (801-585-2677) or local police where incident occurred, report the incident and obtain a case number.
Report to URIS
Report any theft, loss or damage of UU property to U Risk & Insurance Services (URIS). Make sure to protect the UU property from further damage.
Take a Picture
Take a photo of and secure in your possession any piece of mechanical or electrical equipment (i.e. circuit board, plumbing fixture, etc.) which is the point of origin of the loss or that may have caused the loss.
Send in the Required Information
Submit a property claim with the below list of information or you may follow up after the claim has been submitted and send additional documentation via email to University Risk & Insurance Services (URIS) at riskandinsurance@utah.edu.
Building/Facility Manager: When a State or UU Contracted Disaster Mitigation and/or Restoration Company is hired, please obtain a detailed estimate of the work to be performed and submit a copy to URIS and the assigned claims adjuster for review. Do not pay an invoice prior to obtaining approval from the adjuster.
A narrative memo or written statement from the person who is responsible for the property. This memo should provide factual information including:
- Exact location of property and when it was last seen and by whom
- Name of person responsible for property
- Who and when the loss was first discovered
- Exactly how loss/damage occurred or why it occurred
- Vendor/manufacturer evaluation of damaged equipment (if applicable) to determine
- Repair verses replacement costs
- Insurance will pay the lessor of the two
- Replacement must verify a "like" model of equipment
Additional statement from the person responsible for the property outlining preventative measures that have been or will be taken to make sure a similar loss will not occur in the future.
A copy of the original purchasing document, i.e., campus order, purchase order, or invoice which shows original cost, date of purchase, and purchase source.
A complete description of all items including:
- Year
- Make
- Model
- Serial number
Documented, current replacement cost which is the lowest price available to the University for comparable property with similar features (no "upgrades"). Make sure to comply with University of Utah Procurement Rules. For computers and other electronic equipment, the replacement cost is often less than the original purchase price. Be sure to include the name and phone number of the person/vendor giving the price quote and a statement verifying it is a "like" replacement to the damaged equipment.
The University's insurer typically requires that computer equipment replacement cost quotations be obtained from at least two different sources, one of which could be the University of Utah Bookstore. Please contact the University Risk & Insurance Services Office if specialized computer or electronic equipment is available only through one source.
Repair cost evaluation from Vendor (include shipping to/from vendor if that is necessary). Notify URIS if Vendor has additional costs like transportation or lodging in order to evaluate damaged equipment.
A summary of extra labor performed by your departmental employees related to this loss which took those employees from their regular duties. This summary should include the name and job title of each employee, the date and time worked, total number of hours worked per day, the hourly or overtime rate of pay and an explanation of the labor performed. Lost wages does NOT include the time it takes to document the loss or any preventative measures for future loss control.
In order to receive insurance reimbursement you must first purchase, reproduce or repair the property damaged, lost or stolen. Insurance will issue payment after the department provides invoices and receipts. If costs are excessive you can request a cash advance. Determination will be at the discretion of the insurance adjuster.
A chartfield(s) will be used to eventually credit the insurance recovery less the deductible.
Prepare a Property Accounting Retirement/Transfer Form
The insurance adjuster will want to know if there any salvage value for your damaged property. Do not dispose of damaged property until the adjuster gives his consent to do so (unless it presents a hazard). Any compensation on a damaged item involved in a claim must be returned to the insurer. Please note on the R/T form that your property was involved in an insurance claim.
Send a copy of the completed R/T form to URIS and the original to Property Accounting. You should include the claim # on the form.
Secure Damaged Property
Place any University property damaged beyond repair and requiring replacement with insurance funds in a safe location for inspection by the U of U's insurer. Technically, any property replaced with insurance funds belongs to the insurer. Retain and secure the damaged property/equipment that caused the loss. For example, if a faulty valve caused water damage to some property, save the valve. If you prevent the U of U's insurer from recovering against a negligent supplier, manufacturer or installer, your claim could be denied.
Contact the Information Security Office If Sensitive Information is Compromised
If you think there is sensitive data that may be compromised due to your loss, please contact the Information Security Office. If repairs to equipment are necessary, secure any private information, such as individual names, home addresses, social security numbers, bank accounts, credit cards or driver's license number stored on all computers or other data storage systems that are damaged, particularly if this equipment will be sent off-site for cleaning or repairs.