The Office of Risk Management and Insurance, on behalf of the University, is authorized to purchase property, liability and other non-benefit insurance for general and specific risks, based on an institutional assessment of the potential for losses and the cost to insure against a loss.
Individual units are prohibited from using University funds to purchase separate insurance policies. If a specific insurance coverage is required for an activity, unit, or sponsored project, the Office of Risk Management and Insurance will work with the unit to secure the needed insurance coverage.
Units will be directly charged for:
- annual insurance premiums for insurance policies purchased to cover institutional losses.
- deductibles associated with certain specific types of insurable losses (See Appendix).
- premiums for insurance policies purchased to cover specific activities, units, or sponsored projects (subject to sponsored project rules on allowability).
Departments must notify the Office of Risk Management within 24 hours of any injury or property damage occurrence. Departments are responsible for cooperating in the settlement of claims.
Employee personal property is not insured by the University insurance program.
Reason for Policy
This policy ensures that the identification and mitigation of insurable risks occurs in an efficient, cost-effective manner and that the purchase of insurance is coordinated through the Office of Risk Management and Insurance. In addition, the University has an obligation to promptly report bodily injury, property damage and professional liability loss events to its insurers. Failure to meet reporting obligations may result in non-payment of claim expenses.