From time to time, it may be beneficial to the university to accept the loan of various items from private owners. Prior to the university accepting the responsibility for any loaned item(s), written permission from the appropriate university official must be obtained and a loan agreement between the university and the lender must be executed.

Any person or department wishing to make use of a loaned item(s) must follow the below listed procedures:

Initiating Request

A memorandum requesting permission to accept the loaned item(s) must be submitted to the appropriate Dean or Senior Officer.

Routing

A copy of the memorandum granting permission must be furnished to the Risk Management Office.

Loan Agreement

The Risk Manager(designated as Insurance Officer) initiates a loan agreement, signed by the lender. The university will not assume any responsibility for loaned items prior to the execution of the loan agreement. (See sample loan agreement.)

Copies

A copy of the loan agreement will be forwarded to the appropriate department. A second copy will be given to the lender. The original will be kept on file by the Risk Manager.

Contract Termination

The Risk Manager will be responsible for advising the department of the contract termination. At that time, the property should be returned to the lender or the contract re-negotiated.