Insurance: Stolen Property

Type

Procedure

Category

Finance

Department

College Services

Phone

(541) 463-5310

Primary Contact

Brian Kelly

Contact Email

Responsible Executive Authority

Vice President, College Services

Purpose

This procedure describes insurance coverage and who to contact to report theft of any property, or loss of equipment or damage.

Narrative

All buildings and equipment owned or occupied by Lane are covered by property insurance. Coverage is provided for risk of direct physical loss or damage, which includes such things as fire, vandalism and malicious mischief.

Coverage is based on a replacement cost basis with like kind and quality (what it would cost today to replace the same item without deduction for depreciation). There is a $1,000 deductible on all claims and the department is responsible for covering this amount.

The theft of any property should be immediately reported to Public Safety, (541) 463-5558.

Any loss of equipment or damage should be reported to the Risk Management office, (541) 463-5503.

Date Adopted

Monday, January 1, 2001

Date Last Reviewed

Tuesday, December 1, 2015