Comprehensive Dishonesty, Disappearance & Destruction Coverage
COVERAGE:
This program was established to provide coverage for both defalcation losses and theft or destruction of money and securities losses.
The loss of moneys and other property which results from dishonest acts by employees is covered under this program. The other facet of the program is broad protection from loss of moneys and securities by reason of theft or destruction. The employee dishonesty, or defalcation, coverage applies worldwide. The moneys and securities coverage applies throughout the United States, the Virgin Islands, Puerto Rico, the Canal Zone, and Canada.
Loss of moneys and securities by actual destruction, disappearance (burglary), or robbery or wrongful abstraction, both inside and outside campus buildings, would be reimbursed under this program.
The program also provides protection for losses which result from depositors forgery.
EXCLUSIONS:
Loss of potential income which is not realized as a result of a covered loss. Also, there is no coverage when proof of loss is solely dependent on an inventory compilation.
PREMIUMS:
No recharges to departments at present. Fully paid by Office of Resource Management & Planning.
DEDUCTIBLES:
1. $1,000,000 for employee dishonesty.
SECURING COVERAGE:
Coverage is automatically provided to all campus departments and auxiliary enterprises.
CLAIMS:
- Notify appropriate authority (police, internal audit, fire, etc.).
- Notify Risk Management Services (530) 752-2629.
- The appropriate authority's report; a reference to the claimants' fund reimbursement number, and claim cost documentation (i.e.: invoices, purchase orders, estimates for repair, inventory records, etc.) should be submitted to Risk Management Services for reconciliation. Office of the President, Risk Services, typically takes 6 to 8 weeks to transfer funds for covered losses.
LOSS CONTROL:
Risk Management Services should be notified even if an employee reimburses the University and there is no actual claim being made.