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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
Procedures

   
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 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 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.

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Procedures: Procedure 7-83, "Recovering Departmental Damages From Third Parties."
   
Related Information: 
   
Policy Background: 
   
Major Category: Finance and Business Operations
   
Category Cross Reference: 
   
   
Process: 
   
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