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Policy: VII.H.3

Issued: March 2, 1997

Owner: Director of Risk Management

Latest Revision:

RESTITUTION AND RECOVERY FROM THIRD PARTIES FOR DEPARTMENTAL DAMAGE
This policy has been migrated to the standardized format.
See
http://etg07.itc.virginia.edu/policy/policydisplay?id='FIN-008'

1.0 Purpose

This policy describes the method in which departments can get restitution and recovery from third parties for departmental damage.

2.0 Policy [Top]

Policy

On occasion, departments may suffer damage or loss to real property, personal property, or other departmental assets as a result of accidental or intentional acts by third parties.

The Department of Risk Management (4-3055) is the central office responsible for processing the insurance claim, recovering the payment from third parties, and restoring the payments to the departmental account that initially paid for the repairs. By being the office responsible for recoveries from third parties, the Department of Risk Management can compile statistics on third party damages/losses and recoveries for the University.

Damage or losses include, but are not limited to, theft, vandalism, embezzlement, fraud, fire, destruction, etc.

Both the University Police (4-7166) and the Audit Department (4-4110) may also be involved in such incidents, depending upon the circumstances.

Departments suffering such damage or loss should notify the three offices mentioned, so that appropriate and timely actions can be taken.

Related Procedure:

See also Procedure 7-83, "Recovering Departmental Damages From Third Parties."

3.0 Definitions [Top]

4.0 References [Top]

5.0 Approvals and Revisions [Top]


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