Loan Agreements - Non State-Owned Property

Loan Agreements - Non State-Owned Property
Type of Policy
Administrative
jbarber32
Policy No
8.8.2
Last Revised
Review Date
Policy Owner
Insurance and Claims Management
Contact Name
Frederick Trotter
Contact Title
Director of Insurance & Assets
Contact Email
frederick.trotter@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 Cost Center 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.