procedure property claims modified Thu Dec 17 2020 10:29:20 GMT-0500 (Eastern Standard Time)
University of Louisville
This procedure applies to the University Community (administrators, faculty, staff, and students).
REASON FOR PROCEDURE
This procedure was developed to aid the University community in the event of a property claim on university/departmental property.
Property Damage Insurance Claims
Before An Incident Occurs:
- Inventory property: Using Inventory Control's policies and procedures make sure all department items are appropriately inventoried. The University's insurance coverage is based on the inventory kept by Inventory Control. If items are not on Inventory Control’s list, they will not be covered by the University’s property insurance. It is very important to keep the department inventory list up to date.
- Have emergency numbers readily available: Emergency contact information for appropriate departmental staff, including night and weekend numbers, should be available to the University of Louisville Police Department if an incident occurs.
- Preventative Maintenance: Conduct, or have conducted, regular inspections and routine maintenance to keep equipment and facilities in good working order. If equipment or facilities need repairs, contact the appropriate people to have repairs made before an incident occurs.
After An Incident Occurs:
- Report the incident as soon as possible. Contact the University of Louisville Police Department at 502-852-6111, Physical Plant at 502-852-6241, and Risk Management at 502-852-4654 or firstname.lastname@example.org, to report the incident.
- Minimize property damage. Keeping your personal safety and the safety of others first, then take appropriate steps to minimize property damage.
- To file a claim with the appropriate insurance carrier, Risk Management will need the following information:
- The department name.
- The department representative (name, phone number, email address, etc. for the department contact person).
- A detailed description of any damaged item(s), including the inventory control number, location (building and room number). If damaged item(s) does not have a UofL inventory control number, please provide make, model, serial number, etc., and any original purchase information.
- Description of the damage to the item(s) (what is not working, how it is damaged). Also, please provide photos of damaged property and/or location(s).
- Replacement information for "like, kind, and quality" (company quote/estimate or catalog information) and/or repair quote or estimate. Documentation from a qualified technician or Tier I detailing why item should be repaired and/or replaced should also be provided with the quotes or estimates.
- If there are any items that are currently working, but you have reason to believe there could be a problem with them in the future as a result of the incident, provide the UofL inventory control numbers, location and a detailed description of the item and the reason there may be a future problem.
- Information regarding any extra expense that may be incurred as a result of the incident (lease equipment, relocate offices, etc.).
- What will be required to get your program back in operation (equipment and repairs necessary before the department can resume operations - it is the University's goal to get programs back in operation as soon as physically possible after an incident).
THE UNIVERSITY DOES NOT INSURE PERSONAL PROPERTY OF STUDENTS, FACULTY, OR STAFF
WHAT NOT TO DO:
- Do not state the cause of the incident to anyone other than Risk Managment. Until all the circumstances surrounding the incident and resulting property damage have been researched, the actual cause may not be known. Therefore, when talking to anyone other than Risk Management about the incident, don't state the cause of the incident.
- Do not remove or repair damaged items, unless it is necessary to minimize loss or prevent further damage. Item(s) should not be removed from the incident scene or repaired until after the initial inspections by Risk Management or Adjuster are complete.
- Do not discard damaged equipment. It may be necessary to inspect specific equipment item(s) as part of the claims process. Risk Management will give the department permission to discard any damaged property. Before discarding any University equipment, contact Inventory Control for appropriate procedures to follow.
- The department(s) reporting a claim provides the information listed above to Risk Management.
- Risk Management then files the claim with the appropriate insurance carrier(s).
- Risk Management works with the insurance adjuster(s) and department(s) to ensure that the claim is moving toward settlement as quickly as possible.
- Department(s) will either pay for replacement/repair of damaged item(s) or wait for claim settlement for funds to replace/repair damaged item(s).
- Settlement is received by Risk Management
Risk Management contacts department(s) and requests account information for the account the department(s) wants the settlement deposited into. Note: When settlements are received by Risk Management, policy deductibles and any appropriate depreciation have already been removed from the settlement by the insurance carrier.
University departments with university property or property that is in the care, custody, and control of the university and/or university department.
Vice President for Risk, Audit, and Compliance
RESPONSIBLE UNIVERSITY DEPARTMENT/DIVISION
Risk Management Department
421 W. Cardinal Blvd
Louisville, KY 40208
Revision Date(s): 6/16/2016; 12/17/2020
Reviewed Date(s): 6/16/2016; 12/17/2020
The University Policy and Procedure Library is updated regularly. In order to ensure a printed copy of this document is current, please access it online at http://louisville.edu/policies.