Does RMD pay replacement cost on State equipment/property claims?
A No. RMD pays the Actual Cash Value (ACV) on University-owned personal property losses (replacement cost less depreciation). The ACV is based on current replacement value less depreciation, depending on the age and expected useful life of the property. Real property losses to buildings are reimbursed on the actual cost to repair (cost to clean carpet, repair walls, repair windows, repair water damage, etc.).
