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 Office of 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 18 months of the incident. Further, there is also a $1,000 deductible per claim, paid by the department(s) that suffered the loss. In cases where the same peril affected several departments, the $1,000 is prorated among the departments involved.