Equipment on Lease/Loan Claims
Information for individuals borrowing or leasing equipment from third parties for university purposes.
All equipment leased/loaned to the university must be accompanied by a contract that outlines the duties and responsibilities of the university.
Equipment is often loaned or lease to the university through research contracts or specifically lease or loan contracts. In these cases, the university is often required to insure the equipment or to "indemnify" the other party if the equipment is damaged, lost, or stolen. As long as the requirement to insure the equipment or to indemnify the other party if the equipment is damaged, stolen, or lost is stated in the contract, it is automatically included in our property insurance policy.
If this equipment is damaged, lost or stolen, the university may be under an obligation to pay for the repair or replacement of the equipment. Such cost would be at the expense of the university, not any particular individual. If this occurs, follow the directions below.
Stolen Equipment Claims Process
Report this immediately to Campus Security as a theft of equipment at 403.220.5333.
Report this to Risk Management and Insurance at email@example.com and indicate that Campus Security is compiling a report. Indicate that there is a contract involved, that the equipment is on loan or lease to the university and indicate the name of your department head or dean. If you have a copy of the contract, forward that as well.
Report this to Research Services/Legal Services (the department that was involved with the original contract) to have them confirm your contractual obligations.
Risk Management will respond to you, copying Legal Services/Research Services and your department head/dean regarding insurance coverage and any further steps that must be taken and they will give you a claim file number.
Report the loss to the agency who owns the equipment giving them the Risk Management claim number, the name of the person working on the claim (will be indicated in the email in Step Four) and directing them to Risk Management (firstname.lastname@example.org) for the claim.
There may be a deductible assessed on the claim as per the regular property claim rules. If a deductible is applicable, you will be asked for an account number that will pay the deductible. If the equipment is part of research funding, determine if that account can be charged for the deductible and, if not, contact your department head/dean to discuss options for this cost.