How and When Do I Report Newly Acquired Property and Rental/Lease Property to Risk Management?
When any University department is nearing the completion process regarding the acquisition, relocation or leasing property, they need to notify the University Risk Manager at Office of Risk Management and Insurance. (RM&I). There are specific insurance reporting requirements to which the University must comply. The University must report and include all its properties on the University's Statement of Property Values in order for the University to be properly insured for property loss exposures.
A building can be defines as "a roofed and walled structure build for permanent use". A structure can be defined as."something made up of interdependent parts in a definite pattern of organization". This could be anything from storage shed to a Radio/T.V. transmitter tower.
The RM&I Office is responsible for reporting all BSU property locations to our State Insurance Administrator, the Office of Insurance Management. This reporting process needs to be completed as soon as possible, but no later than thirty (30) days after the University acquires, moves or leases a building property. Mail your Property Notification reports (see below) to the BSU Risk Manager, Jim Coffey at the RM&I Office at 1607 University Drive (Lincoln Parking Structure). Boise, Idaho 83725-1240.
If the property is a new University building property please complete the attached "Newly Acquired Building" form (MS Excel required). (See below) and e-mail it to our RM&I Office.
To report new building projects (normally done by A&E or Facilities Planning) or new leased building property, please complete the attached "Property Notification Form" (MS Word required) and mail it to our Risk Management and Insurance Office.
Thank you for your assistance and cooperation in the prompt reporting of these described University properties.
Any questions about this University property reporting requirement should be directed to Breck Skinner, BSU Assistant Risk Manager at (208) 426-5955 or via email
BSU PAF & PNF 8/15/08

