Drexel University maintains property insurance for University-owned contents and buildings. In the event of a loss to University property, (e.g. theft, fire, flood, etc.), Public Safety and Risk Management should be contacted immediately. Efforts should be made to minimize further loss. Equipment should not be thrown out until Risk Management or its insurance carrier has had the opportunity to inspect the damage. In the event of a theft, the Philadelphia Police should also be notified.
Claim Replacement or Repair
There is a $5,000 deductible that is charged to the department for repair or replacement of equipment. In order to submit a claim, the department must provide the following to Risk Management for approval prior to any repair or replacement:
- a copy of the Incident Report from Public Safety or the police;
- supporting documents of the original equipment stolen/damaged (e.g., invoice);
- quotes and a request to purchase for replacement and/or repair of the equipment. Equipment will be replaced with items of “like kind” unless the original equipment is no longer available and upgrading is the only option. (The lower cost of repair or replacement will be used); and
- All paperwork and documents for the claim should be submitted no later than 14 business days from the loss.
Personal property of faculty, staff and students is not insured by the University.