Property Damage Claims Process
SOP #:
RMSCR SOP 300-01 Effective Date:
03.30.2018
Revision Date:
1.1.2022
Department: Legal
Category:
Risk Management, Safety, and Claims Reporting
Scope :
To provide resources and instructions for the property damage claims process.
POLICY: Property damage claims, whether covered by insurance or not, should be processed, accounted, and tracked in a consistent manner allowing for accurate financial reporting. PROCEDURE: In the event of a loss to the property, the General Manager (or designee) will complete the Property Damage Incident Report Form and include photos of all damaged areas. These losses will be categorized as follows: • Category 1: Losses greater than the insurance deductible ( I-2299 ).
Losses resulting from a named windstorm, flood, polar vortex or earthquake ( I-2297 ).
• Category 2:
Losses less than the insurance deductible (I-2298 ).
• Category 3:
Procedures for handling and accounting for these losses will vary based on the three categories outlined on the following pages.
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