FIN-008: Restitution and Recovery from Third Parties for Departmental DamageDate: 04/01/2004 Status: Final
To provide a process whereby a University department may seek restitution and recovery from third parties for departmental damage.
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:
- Office of Property & Liability Risk Management
- University Police
- Audit Department (Fraud & Embezzlement situations)
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.