9.24 Casualty Loss Claims

Purpose

To provide information relating to State of Iowa casualty loss claims.

Policy Statement

Under paragraph 29C.20 of the State of Iowa Code, the Executive Council of Iowa is allocated funds to cover casualty loss claims experienced at state owned properties.  Procedures for filing of such claims require the immediate notification of the Board of Regents, State of Iowa (Board Office) followed by a number of reports, cost estimates of losses, and actual claims presented to the Executive Council of Iowa for action.  Casualty loss claims include “… repairing, rebuilding, or restoring state property, injured, destroyed, or lost by fire, storm, theft, or unavoidable cause….”

Casualty loss claims will be considered by the Executive Council of Iowa for any claims estimated to exceed $5,000 in any one occurrence.  Notification must be given to the Board Office by the end of the next working day following the incident to qualify for a claim.  The institution should prepare immediately and submit to the Board Office within five (5) working days of the loss a preliminary loss report including cost estimates.  Within 45 days of the loss, the institution should submit a formal loss report including proposed plans and specifications for repairs or replacement of equipment and buildings.