POLICY

The university recognizes the need to adequately safeguard its assets. In light of this position, all assets $500 and over and relatively portable assets are subject to this policy. The cost of such security need not, however, exceed 25% of the original purchase price of the equipment.

The immediate concern applies to highly portable and marketable items such as computer equipment fax-machine, VCR's, etc. All equipment as described above requires a locking system most appropriate for the specific asset.

The cost of securing highly portable and marketable equipment is borne by the department.

University facilities equipped with intrusion alarm systems may be issued a Certificate of Exception which exempts a unit/location from securing items normally subject to this policy (except typewriters which must be bolted). Certificates of Exception are granted based on the type of intrusion alarm system, previous loss activity, use of location, vulnerability to public areas and hours of operation. In the event of theft of equipment subject to this policy, the applicable deductible is waived if the loss occurs during the hours the location is secured and the intrusion alarm is activated, if a certificate has been issued (refer to APPM section 10.2, Risk Management). The certificate are valid until revoked. Certificates may be revoked for change in occupancy, loss frequency, or failure to arm the alarm system.

Replacement of unsecured equipment, if stolen, is the responsibility of the department, unless a Certificate of Exception has been granted and then only in accordance with the provisions of the certificate.

PROCEDURE