Property Management Policy & Procedure Manual
Section 300: Equipment Management
Effective: 07/01/1988
Revised: 03/09/2016

 

The University carries a property insurance policy for University owned equipment. Property insurance provides protection againsts risks of physical loss or damage to University property.

Upon purchase, university owned equipment is automatically covered by the university's property insurance policy. However, any type of motorized watercraft, including but not limited to vessels, boats, shells, and jet skis or subsea/over-the-side equipment or aircraft must be reported to OSU Risk Management to add to the applicable insurance policies.

Employees are responsible for immediately reporting loss or damage to their supervisors, who in turn are responsible for reporting the loss or damage to OSU Risk Management and Law Enforcement.

Losses, regardless of dollar amount, should be reported immediately to OSU Risk Management (541) 737-7252. Property claims are subject to a $5,000 deductible and departments are responsible for the $5,000 deductible. Deductible amounts vary for watercraft, subsea/over-the-side equipment, and aircraft. These amounts will be communicated upon addition to the applicable policy.

Recording Equipment for Insurance Purposes

Responsible Party Action
Department 
  1. Within 60 days after receipt, submit the invoice, Journal Voucher, or a completed Fixed Asset Data Entry form to Fixed Assets Property Management.
  2. For motorized watercraft, subsea/over-the-side equipment, or aircraft report to OSU Risk Management at (541) 737-7252 upon purchase.
Fixed Assets Property Management 
  1. Add to inventory by creating an asset record in FIS Banner, assigning an OSU inventory number.
  2. Print barcode inventory tag(s) and coordinate with the department to attach the tag(s) or send them to the appropriate department contact.

 

Filing an Insurance Claim

Responsible Party Action
Department 
  1. In the event that a claim arises, the department must contact Risk Management immediately. Risk Management will guide managers and supervisors through the claims process. Additional information on how to file a claim can be found on the Risk Management site.
  2. If loss occurs from a criminal act, contact the Oregon State Police/Department of Public Safety (or local police, if loss occurs out-of-state)
  3. If Capital Equipment has been lost or damaged beyond repair, a Property Disposition Request should be submitted to remove the equipment from inventory.