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Property Loss Preparation and Prevention

PROPERTY INSURANCE CLAIM PREPARATION – In an effort to help expedite the property claim process, it is recommended that departments maintain a current inventory of University owned property i.e. furniture, electronics, office equipment, supplies, research materials etc. There is no need to record bulk items or items valued under $100, i.e. misc. office supplies, pens, copy paper, paper clips etc.

The inventory should include: a description of each item, which lists the manufacturer, model and serial #, purchase date, purchase cost, receipt, and asset tag number if applicable. Photos of specialized items would also be beneficial.

 

PREVENTION TIPS – It is prudent for departments to mitigate losses as much as possible. It is recommended that:

  • Sensitive equipment should be plugged in to power surge protectors (not simply power strips with multiple outlets) with back-up power sources as warranted.
  • Temperature sensitive supplies (research materials, drugs, chemicals etc.) should be kept in cold storage units (refrigerator/freezer) that have back-up power available as well as alarms to notify change in temperature.
  • Always follow manufacturer’s recommendations for routine service and maintenance for equipment and maintain records of their completion.
  • In order to prevent water damages from flooding, do not store equipment or inventory directly on the floor. Raising items up off the floor by just an inch or two can prevent damages.