FIN-008: Restitution and Recovery from Third Parties for Departmental Damage

Date: 04/01/2004 Status: Final
Last Revised: 04/08/2011
Policy Type: University
Oversight Executive: Executive Vice President and Chief Operating Officer
Applies To: Academic Division, the Medical Center, and the College at Wise.
Table of Contents:

Policy Statement
Procedures

Reason for Policy:

To provide a process whereby a University department may seek restitution and recovery from third parties for departmental damage.

Definition of Terms in Statement:
Policy Statement:

On occasion, departments may suffer damage or loss to University-owned property, other departmental assets, or property leased or loaned to the University, as a result of accidental or intentional acts by third parties. Damage or losses include, but are not limited to: theft, vandalism, embezzlement, fraud, fire, destruction, etc.

Departments suffering such damage or loss should notify each of the following offices so that appropriate and timely actions can be taken:

The department incurring the loss should complete an Incident Report form and forward it to the Office of Risk Management. The Office of Property & Liability Risk Management will process the insurance claim, recover the payment from third parties and restore the payments to the departmental account that initially paid for the repairs.

Procedures:

Procedure 7-83, Recovering Departmental Damages From Third Parties.

Major Category: Finance and Business Operations
Approved by, Date: Policy Review Committee, 04/01/2004
Revision History: Updated 4/8/11, 5/3/2007.
Supersedes (previous policy):
VII.H.3, Restitution & Recovery from 3rd Parties for Departmental Damage