Property Claims Management Overview
Learn about managing property claims effectively, from common property losses like water damage and theft to steps to take when a loss occurs, initial loss documentation, reporting a loss, coverage evaluation, and retention of independent adjusters. Understand the process of documenting claim damage and dealing with insurance coverage issues.
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Presentation Transcript
Common Property Losses Water Damage Theft/Burglary/Robbery Fire Vehicle Vandalism & Malicious Mischief 1
What to Do When a Loss Occurs Address the emergency Stop the water flow Extinguish fire Ensure safety of staff, students and public Follow internal best practice for emergency and notification Mitigate Damage Preserve evidence for recovery 2
Initial Loss Documentation Complete a loss report Date of loss Cause of loss/description of what happened Information on witnesses or parties involved loss Photograph damage Source of the loss Resulting damage Provide prior history of loss Maintenance history Service agreements 3
Report Loss As soon as possible report loss to Campus Risk Management and Sedgwick, UC s third party administrator (TPA) 24 Hour Contact 1-800-416-4029 Sedgwick adjuster contacts Campus Risk Management and involved Campus Departments Adjuster begins investigation Coverage Evaluation of Damage Subrogation/Recovery 4
Coverage Sedgwick examiner reviews coverage UC s insurance policies govern coverage Coverage is for UC owned property Coverage is triggered when damage is the result of a covered cause of loss Common Property Exclusions Damage due to wear and tear Contamination Faulty/Inadequate design In the event of a coverage issue, the adjuster notifies both Campus Risk Management & Office of the President Risk Services (OPRS). Final coverage determinations are reviewed with OPRS. 5
Retention of Independent Adjusters Losses $25,000 or more Cause and origin investigation. Subrogation Preservation of evidence 6
Claim Damage Documentation Damage Documentation includes: Photos Original repair charges and/or vendor receipts Estimate or repair bid including hours, nature of work, cost of labor and material Detailed work order sheet to include hours, work performed, cost of labor and material Inventory of damaged equipment to include photos, nature of damage, original purchase receipts if available, replacement receipts or estimates to repair/replace. 7
Claim Settlement and Loss Payment Damage reviewed by Sedgwick examiner Sedgwick examiner prepares a statement of loss, which summarizes the damages and associated costs. Statement of loss is submitted to Campus Risk for review and approval. Losses over $50,000 require review by OPRS FAU Number is obtained from Campus Sedgwick adjuster enters voucher in iVOS OPRS makes an internal transfer to Campus to pay the loss 8
Subrogation Subrogation is the pursuit of damages against another party determined to be responsible in part or whole for causing damage Sedgwick investigates for subrogation throughout the claim process Subrogation Opportunities Defective Product Vendor/Contractor Outside third party 9
Property Claims 101 Questions? 10
Contact Us Email: melissa.burley@ucop.edu https://www.ucop.edu/risk- services/index.html Phone: (510) 987-0712 Email: Alison.Salvi@sedgwick.com Phone: (925) 988-1156 11
