Losses and Claims
Claims are not decentralized and remain under the management of the Office Legal Affairs in the Research Foundation Central Office in Albany.
Equipment that is stolen, damaged by vandalism, or any accident that occurs as a result of an external cause must be reported to the Security Office ( Campus Police). An investigator sent from that office will, with help from the project director and the Property Control Office, file a report. The report is retained by the property office and a copy sent to the Office of Grants Management.
If the equipment was sponsor owned and if their guidelines so request, a report must be sent in a timely manner (within 30 days) to the sponsor informing it of the loss or damage and its cause.
All losses of equipment must be documented on the Equipment Loss Detail Form, by copying your Grants Management Specialist on all documentation. They must also be recorded in the sponsor's account file.
- Lost, stolen, or damaged equipment is reported to the Security Office ( Campus Police), the Office of Grants Management and the Property Control Office.
- The Property Control System is updated to reflect lost, stolen, or damaged equipment.
- Property Control System records are returned to active status if equipment is recovered.
- Project directors and their staff are aware of their role in communicating occurrences of loss, theft, or damage to the Security Office, the Office of Grants Management and Property Control Office, and assisting in identifying equipment asset numbers.
Any cost associated with the repair or removal of damaged equipment is the responsibility of the project director/department.
The Equipment Loss Detail Sheet provides guidance on submitting a claim, reduces the possibility of delays and provides the insurance carrier with an organized overview of supporting documents as required by its office. This process aids in maintaining the thirty-day settlement cycle.
Settlements and Policy Regulations
Settlement amounts, minus the deductible, are based upon the current market replacement value of the equipment. Each item of covered equipment must be insured for at least 80% of the actual cash value of the item at the time of loss.
A thirty-day settlement cycle has been established which commences the day the Foundation's insurance carrier receives all required documentation.