All losses shall be promptly reported to your 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.
Property of the 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.
It is always best to have a loan agreement in place between the two parties. Utilizing the loan agreement will help declare a value for the items on loan. A sample Incoming Loan Agreement, contact the UT System ORM.
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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