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

Date: 04/01/2004 Status: Final
Last Revised: 02/22/2023
Policy Type: University
Oversight Executive: Vice President and Chief Financial Officer, Executive Vice President and Chief Operating Officer
Applies To:

Academic Division, the Medical Center, and the College at Wise.

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:
  • Terms:There are no terms that require definition.
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 Automobile Loss Notice for University vehicle damages or an Incident Report Form for all other damages and forward it to the Office of Property & Liability 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.

Compliance with Policy:
Failure to comply with the requirements of this policy may result in disciplinary action up to and including termination in accordance with relevant University policies.

Questions about this policy should be directed to the Office of Property & Liability Risk Management.

Major Category:
Finance and Business Operations
Next Scheduled Review:
Approved By, Date:
Policy Review Committee, 04/01/2004
Revision History:

Confirmed 2/22/23; Added Compliance Section 12/16/21; Edited Procedures, 4/3/18; Updated 4/8/11, 5/3/2007.

Supersedes (previous policy):

VII.H.3, Restitution & Recovery from 3rd Parties for Departmental Damage