Risk Management

Property Claims Procedures

Property Insurance Coverage Claims Procedures

Grand Valley State University maintains property insurance to protect against the perils of fire, windstorm, flood, explosion, vandalism and various other exposures. Coverage is provided for loss or damage to university-owned property, excluding vehicles.

Among the notable exclusions: 

  • No coverage for mechanical breakdown, wear and tear, nor any theft unless there are visible signs of a forced entry. 
  • Mysterious disappearance claims are not covered. This term is given to those claims that show no evidence that a loss occurred. There must be clear proof that a loss occurred in order to file a claim.
  • Personal property of employees and students is not covered. This coverage is provided by standard homeowner's policies under the section entitled, "Unscheduled Personal Property Away From Main Residence Premises."

All claim requests for payment for University property or equipment, damaged or stolen, are handled by Risk Management. At the University's option, we may:

  • Pay for the repair or replacement of the damaged or stolen property.
  • Replace the damaged or stolen property with the same kind or quality.
  • Pay the actual cash value of the property at the time of the loss. Actual cash value means the original cost of the item less depreciation.

Deductibles

The deductible assessed to a department for each and every property loss is $1,000. For losses due to theft, the deductible is $3,000 for each and every occurrence. The purpose of the deductible is not to penalize departments, but to promote and encourage a sense of security in the safeguarding of property and equipment. For example, small items such as calculators, laptop computers, dictation equipment, etc., should be placed in locked drawers or cabinets during non-working hours or any time the work area is left unattended.

Property-Damage Reporting

All cases of fire, theft, damage or vandalism must be reported to the Department of Public Safety Services as well as Risk Management. A written claim report of the circumstances of the loss, date of loss, location and complete description of the missing or damaged items must be submitted to Risk Management along with the associated Police Reports (Campus Police, other agencies as may apply).

The department impacted by the loss should report the loss within a reasonable period of time, typically 48 hours or within the guidelines of the current property insurance carrier. Delay in reporting a loss may result in denial of coverage. Upon approval of the claim all paid bills for repair/replacement work should be submitted to Risk Management for reimbursement less the appropriate deductible.

Page last modified August 28, 2012