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.
There are no terms that require definition.
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 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.