Property Loss

Question: My department has had a property loss. What do I do?
Answer: Complete and submit a Property Loss Report to RM&S with whatever information you have available as soon as possible. It is important to file the claim in a timely manner, even if all of the supporting documentation isn't immediately available. Losses estimated to exceed $10,000 are to be reported within one working day. All other property losses are required to be reported within 10 days. Losses not reported within 90 days will be denied. RM&S strongly recommends that all claims be reported as quickly as possible so that claim investigation and adjusting can begin.

Question: I don't know the exact amount of the property loss. What do I do?
Answer: Obtain repair estimates, or use original purchase documentation to estimate the value of the loss. It is important to file the Property Loss Report quickly with RM&S, even if all of the requested information is not immediately available.

Question: Does the state have a deductible?
Answer: The state does not have a deductible, however there is a minimum property claim of $100.00.

Question: I am in a rental vehicle and I'm in an accident. What do I do?
Answer: First, notify the rental car agency and follow their instructions for returning the vehicle to them. Tell the rental agency that the vehicle was rented for UA business, and that the university's insurance program will respond to any damage claims. If you complete an accident report for the rental agency, read carefully anything you are asked to sign, and keep a copy of all documents. Refer the rental car agency to RM&S and we will tell them how to file their claim with the State of Arizona. DO NOT assume that the rental car agency will notify the UA about your accident. As soon as possible, complete an Auto Loss Report and forward it to Risk Management with any documents from the rental company.

Question: When should UAPD or other police agency be called?
Answer: Contact UAPD to file a report for all property losses that arise from criminal activity (theft, vandalism, etc.) and for vehicle collisions. If the loss occurred off campus, file your report with the police department where the loss occurred. If you are provided a case number, include this with the Property Loss Report. RM&S will obtain police reports as needed to document the claim for the adjuster.

Question: My department has had property stolen, and has filed a Property Loss Report. However, we need to purchase a replacement right away and can't wait for the insurance money. Is this OK? Will someone front our department the money for the purchase?
Answer: Your department may proceed with purchasing replacement equipment at any time, but this must be done with your own funds. There is no mechanism to provide loan or bridge funds to departments while awaiting insurance recovery funds.

Question: Does the UA have replacement cost coverage for property losses?
Answer: Losses involving real property (buildings, land, permanent fixtures) are covered for the actual cost of repair or replacement. Losses involving other property (computers, lab equipment, vehicles, etc.) are covered at actual cash value. Actual cash value or ACV is based on current replacement value less depreciation depending on the age and expected useful life of the item of property. Adjusters rely on a scale that assigns varying expected useful life values to different types of property.