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Policy: Restitution and Recovery from Third Parties for Departmental Damage 

Date: 04/01/04 Policy ID: FIN-008 Status: Final

Policy Type: University
Contact Office: Risk Management
Oversight Executive: Executive Vice President and Chief Operating Officer
Applies To: Academic Division, the Medical Center, the College at Wise.
Table of Contents: 

Policy Statement

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

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.


Procedures: Procedure 7-83, "Recovering Departmental Damages From Third Parties."
Related Information: 
Policy Background: 
Major Category: Finance and Business Operations
Category Cross Reference: 
Next Scheduled Review: 04/01/13
Approved By, Date: Policy Review Committee, 04/01/04
Revision History: Updated 4/8/11, 5/3/2007.
Supersedes (previous policy):  Restitution & Recovery from 3rd Parties for Departmental Damage VII.H.3