Property Loss

Managing property damage, detailing insurance coverage, deductible responsibilities, claim procedures, and documentation requirements to ensure proper restoration of Penn State assets.

Claims Process

Submit the Property Loss Report with photos of the damage.
Track all repair expenses, clean-up costs, and inventory damaged items.
Restore the facility through the Physical Plant and specialized contractors.
Preserve items related to the cause and origin of loss.
Submit supporting documentation (quotes, purchase orders, work orders, invoices, receipts).
Obtain written documentation from the manufacturer's service representative when replacement exceeds repair.
Risk Management coordinates with the insurance company for payment.

Insurance Coverage

Protects against physical damage from sudden, accidental occurrences affecting:

Buildings
Equipment
Penn State-owned contents
Leased assets or borrowed property (with written insurance requirement)

Limitations

Insurance pays reasonable and necessary expenses to restore property to its pre-loss condition. Loss amount will not exceed the lesser of the following:

Repair costs
Rebuild or replace at the same site with similar materials
Rebuild, repair, or replace at another site, up to the original size and function
Replace unrepairable equipment with similar-function equipment
Cost of scheduled property demolition plans

Exclusions

Refer to the Theft or Loss of Personal Property in FN10 Other Business Expenses and Activities.

No reimbursement for personal property lost, stolen, or damaged
Submit claims with homeowner's or renter's policy

Financial Responsibility

Business area pays the deductible
Financial Officers establish an Internal Order to track claim expenses
Non-covered expenses remain the business area's responsibility

Policy

Contacts

Risk Management