Table of Contents

• Purpose
  
• Forms
  
• Definitions
  
• General
  
• Recovery of Losses
  
• References

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Purpose

To specify the methods and responsibilities for reporting destruction or loss of University property, and procedures for recovery of losses.

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Forms

The following forms are used in this procedure and may be obtained from the Office Services.

• Expenditure Transfer Request (FSU FORM NO. ET51)
• Accountability Release Form (FSU FORM NO. AR212)

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Definitions

Accountable Property - Accountable Property is tangible property (exclusive of real estate) of a non-consumable nature which has a unit acquisition value of $500 or more and an expected life of one year or more. Accountable property may be purchased or may be fabricated by or for the University, or may be donated, or loaned to the University.

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General

The timely, accurate reporting to the proper authorities of fire, vandalism, theft, or other acts resulting in the destruction or loss of University property is essential in controlling losses and facilitating restitution where feasible.

Whenever a loss or theft of University property is discovered, the Department of Public Safety and the Coordinator, Insurance and Risk in the Department of Environmental Health and Safety should be immediately notified by telephone. Within ten days after discovery of a loss of accountable property, the accountable manager should prepare and submit an Accountability Release Form (FSU FORM NO. AR212) in accordance with reference 1.

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Recovery

Fire

The Department of Environmental Health and Safety is required to notify the chief of the Bureau of Property Risk Retention of the Florida Department of Insurance, by telephone, within 24 hours of fire damage to University property. Telephone notification is followed by written notification of the building number, building name, room number, policy number, and approximate loss. In order to assemble and submit the proper information for reporting to appropriate authorities, and to facilitate recovery of losses, the following is required.

• The department(s) incurring losses will provide the University Coordinator, Insurance and Risk with actual cost of equipment destroyed by fire and its approximate age.
• The University Physical Plant Maintenance Section will furnish the University Insurance Officer with actual cost figures for repairing and replacing the damaged portion of the building.
• The University Physical Plant Building Services Section will furnish the University Insurance Officer with the estimated cost of labor to clean up fire damage.
• The University Coordinator, Insurance and Risk will notify, by letter, the Bureau of Property Risk Retention, the cost of all damages to buildings and equipment due to fire.
• The Bureau of Property Risk Retention will furnish the University Coordinator, Insurance and Risk with a Statement of Proof of Loss which will be signed by the University Coordinator, Insurance and Risk before a Notary Public.
• When recovered funds are transferred from the Fire Fund to the University Fire Replacement Fund, the University Insurance Officer will transfer recovered monies to the appropriate departmental accounts to pay for repair or replacement of fire damaged property.

It should be noted that insurance loss awards are based on the actual cost of equipment destroyed, less depreciation based on approximate age. Therefore, the cost of replacement equipment will often exceed the insurance recovery. Expenses incurred for removal of debris, clean up, building construction, repair, painting etc., will be recovered in full.

Theft, Vandalism Or Other Acts Resulting In Loss

All such occurrences should be reported to the Department of Public Safety (University Police), which will report the loss to the University Coordinator, Insurance and Risk, Department of Environmental Health and Safety, as soon as practical after discovery. The loss will be investigated by the Department of Public Safety. The Insurance Officer will determine if there is insurance coverage, and if so, will take appropriate action to recover losses.

Florida Statutes prohibit the purchase of theft or vandalism insurance on property titled in the name of the State of Florida. To obtain this coverage on leased or loaned property, see Operating Procedure B?2?2.4, Custody and Care of University Property.

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References

1. Release From Accountability for University Property
2. Custody and Care of University Property

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