The policy at SVSU regarding stolen/missing equipment is that insurance proceeds received for stolen/missing items are made available to the department to use toward acquiring replacement items. SVSU's insurance policy contains a deductible. If the theft is less than the deductible, there will be no insurance proceeds and the department will have to purchase replacement items with monies the department can make available for that purpose, or ask their Dean, Director or member of the President's Staff for assistance in identifying a funding source. When the theft is above the amount of the deductible, the amount of insurance proceeds received will be made available to the department to replace equipment items. However, if the replacement cost exceeds that amount, an auxiliary source of funding must be identified before equipment items can be ordered.
Adopted 5/11/89 PS