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304: Insurance
Property Management Policy & Procedure Manual
Section 300: Equipment Management
Effective: 07/01/1988
Revised: 05/24/2007
Purpose
To protect the University against loss by properly insuring equipment
Background Information
The State of Oregon Insurance Fund covers all property included on the Annual Risk Report, including the OSU fixed asset inventory. The fund is used to replace, repair, restore or rebuild state property that is lost, damaged, or destroyed, subject to specific exclusions outlined in the Department of Administrative Services Policy Manual #125-7-101. A $2,500 deductible applies to most equipment and supply losses; a $10,000 deductible applies to equipment lost due to theft or hazard which was preventable.
Policy
The Department of Administrative Services (DAS) Risk Management Division (RMD) provides supplemental insurance to insure newly acquired capital equipment within a 60-day interim period after receipt. After 60 days the item is not considered insured against loss unless it has been added to equipment inventory. Departments must process the appropriate documents (Invoice or Fixed Asset Data Entry form) within the 60-day interim period to add the equipment to inventory.
Employees are responsible for promptly reporting loss or damage to their supervisors, who in turn are responsible for reporting the loss or damage to OSU Risk Management and the Law Enforcement.
Losses should be reported immediately to the OSU Risk Management Office, (541) 737-7252, to allow adequate time to process the claim. OSU must file a claim with Risk Management within a time limitation of 90 days from the date of a loss.
Procedure
Insuring Equipment
| Responsible Party | Action |
| Department |
|
| Property Management |
|
Filing an Insurance Claim
| Responsible Party | Action |
| Department |
|
| Note: If Risk Management pays on a claim, the asset becomes the property of Risk Management. Any proceeds from the sale of damaged assets must be returned to Risk Management. A Surplus Pick-up Request form should be submitted for such items, identifying them as 'claimed' property, and Property Management returns anything received from their sale back to Risk Management. If a stolen asset is retrieved that Risk management had paid a claim on, that asset is also Risk Management property, and the department must either pay Risk Management for the asset, or sell it with the proceeds going back to Risk Management. | |
Additional Information
The State Insurance Fund self-insures agencies of the State of Oregon. Claims approved for OSU increase the insurance premium that is levied against OSU in future years. This results in OSU fully repaying the fund for any funds disbursed. All reasonable precautions should be taken to adequately secure and protect OSU property from theft or damage.
See the Property Security Policy in the General University Policies section of the OSU Administrative Policies and Procedures Manual for more information.
See the State of Oregon Risk Management Division web site for additional information.