Disposal, Transfer and Lease Termination

 

A Vehicle Disposal Report must be filled with Insurance and Risk Management prior to disposal; this is true of owned vehicles as well as lease terminations or expirations.  The original title of a University-owned vehicle must be executed by an authorized individual.  When the Vehicle Disposal Report is received, Risk Management will contact the departmental Vehicle Coordinator to establish this authorization and arrange for the original title to be present at the time and site of disposal.

 

New York State law requires license plates be surrendered to NYS Department of Motor Vehicles.  For additional information on surrendering plates visit http://www.nydmv.state.ny.us/regtransfer.htm#surrender.  The original NYS DMV Surrender Receipt (green stubs) should be given to Risk Management; departments may keep a copy for their records.  License plates must not to be transferred to a third party.  Interdepartmental vehicle transfers may include license plate transfers (e.g.,. from department X to department Y, still registered to the Trustees of Columbia University at 615 W. 131 ST, 3-362A; New York, NY 10027), but this must be reported to Risk Management prior to transfer.

 

After the sale or transfer of a vehicle, copies of all applicable paperwork (bill of sale, executed title, etc) should be forwarded to the Insurance and Risk Management Department.  Risk Management will continue to charge departments for insurance premium until complete documentation is received.  Otherwise, insurance will be canceled by Risk Management effective on the date of sale and the insurance premium will be adjusted accordingly.