University property includes all items acquired through a State purchase order, by contract, a care-custody-and-control loan agreement, or as a gift. It also includes University funds and other monetary instruments. The role of the Operational Risk Management is to assist Mason departments in preparing property claims.
Property coverage is worldwide and is based on the actual replacement or repair cost. Claims must be finalized within 24 months of the incident. Further, there is also a $1,000 deductible occurrence, paid by the department(s) that suffered the loss. In cases where the same covered cause of loss/peril affected several departments, the $1,000 deductible is prorated among the departments involved. Reimbursement of the excess above the deducible amount occurs after the department has paid for the repair or replacement cost.