(With anticipated expenses over the $25,000 property deductible) Property Loss/Claim (With anticipated expenses over the $25,000 property deductible)

Initial steps following a loss Notify Protect Mitigate Document

Initial steps following a loss Notify – contact all appropriate University departments (i.e. Police Services, OPP, etc.) Protect - assure all University and non- University property is insulated from further damage and make temporary repairs as necessary.

Initial steps following a loss Mitigate - minimize the financial impact to your department or college by using alternate space and existing, workable equipment and supplies. Document - start collecting all information necessary to support the department’s or college’s property loss. Retain any equipment or property which may be the cause of loss. Take initial damage photos.

Property Loss Reporting A property loss form must be completed by the unit/units impacted. This form outlines the date, time, location and details of the incident needed to report the claim to our property insurer. http://controller.psu.edu/sites/controller/files /lossreport.pdf

Risk Mgmt & Unit Discussions Review Loss ( Jared / Unit / OPP ) Identify the scope of damage, estimated expenses, and applicable insurance coverage related to the claim. Insurance covers the cost to restore the property to pre- loss condition. Examples: Labor (Internal / OPP / Outside Contractors & Vendors) Equipment & Supplies (Replacement items / Repairs / Code Upgrades)

Unit Responsibilities Obtain estimates for repair/replacement. Complete a property loss inventory worksheet to document estimated costs. http://controller.psu.edu/sites/controller/files /lossinventoryworksheet.pdf

Losses Greater than $25,000 A special budget is created based upon the property loss inventory worksheet, completed by the unit, indicating the estimated covered damages are greater than $25K. It is expected that a special budget is set up within 10 days of the loss. Risk Management will coordinate setting up the special project budget with the Controller’s Office.

Controller’s Office Responsibilities Ascertain from FO the budget/fund for the $25,000 deductible. Establish the special project budget, in the effected unit’s administration area. Prepare the year end closing entries to accrue insurance related expenses for next fiscal year. Deposit Insurance reimbursement Close special project budget

Unit Responsibilities Co-ordinate repair or replacement with the contractors chosen (once Risk Management has received authorization from the property insurer and communicated same to the unit). FO should ensure all costs applicable/acceptable for insurance reimbursement are charged directly to the special project.

Further Unit Responsibilities Once all repairs are made: Finalize the property loss inventory worksheet with actual invoiced costs Ensure related expenses are charged to the special project budget Submit the final package (property inventory worksheet & invoices, etc.) to Risk Management

Risk Management Responsibilities Forward the property loss inventory sheet and supporting documentation to our property insurer for final resolution of the claim. Jared Wise will serve as the liaison between the University and its insurance carrier. Contact Jared with any questions at 814- 863-5539.

Successful Property Loss Management Communication is key to timely and accurate resolution of a property claim! Units are up and running to pre-loss condition. The University is reimbursed by the property insurer.