Risk Management

Effective Date: 07/01/95

Policy Statement 6: Bonding and Cash Losses


Honesty Bond

When any loss of cash or securities (certificates, charge slips, tickets, etc.) occurs, the department sustaining the loss is responsible for notifying the University Police, the Internal Audit Department, and the Risk Management Section of the University Property Office, who in association with the University Attorney's Office, is responsible for the following:

The Risk Management Section is responsible for the insurance policy relating to the loss of monies and securities up to $5,000,000 including computer fraud involving transfer of funds. This policy has a $10,000 deductible per occurrence. Losses of $10,000 or less must be sustained by the departments involved. Even if losses do not exceed the $10,000 deductible, the University Police and Internal Audit Department are to be notified. If warranted, assistance may also be obtained from the University Attorney.