Recently a university department experienced a substantial theft from off-campus storage units. Unfortunately, the department hadn’t taken the required steps to ensure coverage and there was no written inventory of the items in storage. This presented a major problem with the university’s insurer since the department couldn’t prove the loss of property.
If you rent or lease ANY space off-campus for university use — storage units, condos, apartments, office and lab space, hangers or anything that falls within the definition of real property, have you taken the necessary steps to ensure you’re following university policy and are properly protected?
Take a moment and review university policy 3-110: Leased or Rental of Property for University Use.
- Contact the Real Estate Administration Office at 801-581-8133 to report the location of your leased space.
- Maintain a detailed inventory description of the assets at that property, including purchase date and value.
In addition to assisting departments with finding and securing efficient and effective off-campus space solutions, the Real Estate Administration Office coordinates with Risk and Insurance Management to accurately report insurance values for leased spaces.
If you haven’t reported your off-campus lease to the Real Estate Administration Office, university property at that location may not be insured.
Avoid the risks and please report all off-campus rented or leased space to the Real Estate Administration Office.