Loan Agreements - Non State-Owned Property

Policy No: 
8.8.2
Type of Policy: 
Administrative
Last Revised: 
November 2015
Review Date: 
November 2018
Policy Owner: 
Insurance and Claims Management
Contact Name: 
Tom Provancher
Contact Title: 
Director of Insurance, Claims & Property Control
Contact Email: 
tom.provancher@business.gatech.edu
Reason for Policy: 

These agreements are contracts which must be prepared jointly by the loaner and loanee whenever property is physically transferred to Georgia Tech without a title change.

Policy Statement: 

A copy of the contract must be sent to Georgia Tech Insurance & Claims Management when applying for an All Risk Certificate.

Policy Terms: 

Department of Administrative Services (DOAS)
The administrative branch of State government which includes the Office of Risk Management. This office has fiscal and administrative cognizance over all insurance and associated claims and appeals.

Procedures: 
  1. At the request of the GT Dept. interested in the loaned property to conduct Institute business, Georgia Tech Procurement and Business Services will prepare a loan agreement identical to or similar to the loan agreement accessible from the Georgia Tech Procurement and Business Services webpage ( www.procurement.gatech.edu/purchasing/forms).
    Both the Loaner and a Georgia Tech Procurement and Business Services Procurement Officer must sign the agreement for it to be a valid loan agreement.
  2. A copy of the executed loan agreement form along with a completed Non-GT Owned Equipment Form ( www.procurement.gatech.edu/insurance-claims/forms ) needs to be sent to Georgia Tech Insurance & Claims Mgt. prior to receiving the loaned property if insuring it under an All Risk Certificate
  3. All Risk Certificate of insurance can be issued to the GT Dept. as evidence of coverage on the loaned equipment.

 

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