Risk Management is a process of identifying, analyzing, and evaluating risk and selecting of the best method of treating the risk. The objective of Risk Management is the preservation of assets and earning power from loss or destruction.
The District maintains an insurance program providing for financial protection in the event of loss. This insurance has a $10,000 per occurrence self-insured retention (SIR) for property losses. Additionally, the District provides an insurance reserve to pay for external liability claims and assisting in meeting the SIR obligation.
When District property is damaged, destroyed, or stolen the cost of repair or replacement under the SIR limit shall be borne equally by Risk Management and the impacted department. This shared responsibility for funding will be contingent on the availability of risk management and insurance reserve funds. If, during the review of a property claim it is determined that negligence on the part of the department is responsible in whole or in part for the loss, the campus Risk Manager shall recommend an appropriate increase to the fifty-percent share of the repair or replacement cost of the property be borne by the department.
Contact Business and Contract Services as soon as possible when a loss occurs.