College property includes all items acquired through a State purchase order, by contract, a care-custody-and-control loan agreement or as a gift. The role of the Risk Management Office is to assist William and Mary departments in preparing their property claims. All losses should be reported promptly.
Property coverage is worldwide and is based on the actual replacement or repair cost. Claims must be finalized within two years of the incident. Further, there is a $10,000 deductible on all property claims. In the event there is an occurrence in which there are multiple losses, this will be considered one claim and the $10,000 deductible will apply to the entire claim. For losses less than $10,000, the department(s) is responsible for the cost of repair or replacement.
In order to file a property loss claim, a Property Loss Report Form (PDF) must be completed and submitted to the College's Risk Manager. The Police Department should be contacted on all thefts and vandalism as soon as possible.
The following documents are required for processing a claim reimbursement:
- Copy of original purchase document(s) and proof of payment, if item has been replaced.
- Copy of invoices and proof of payment showing repair or replacement.
- Vendor statement indicating the cause of the damage, that any item replaced could not be repaired and that the replacement is the most comparable available.
- Salvage value, if any, if replacement involved.
- Pictures, if possible/available.
The documents must be forwarded to the Risk Management Office for processing.