All losses shall be promptly reported to your respective Institution's Office of Risk Management and The University of Texas System (the UT System) Office of Risk Management (ORM).
All incidents involving theft or vandalism should be reported to the Campus Police and local Police Department.
Take reasonable emergency measures to mitigate any further damages.
Complete the Potential Claim Incident Report Form. Once notified of a loss, the UT System ORM will submit the claim on behalf of the Institution to the insurance carrier.
Valuation
Property of The University of Texas System Institutions shall be valued up to the current market value of the property at the time of the loss. Property of others loaned to the Institutions shall be valued at amounts agreed upon by the insured and owners.
Settlement of Claims
The insurance carrier will investigate, evaluate and offer settlements, less any applicable deductibles, on reported losses. ORM will review settlement offers with the impacted Institutions(s), and if the offer is accepted, forward payment as appropriate.
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