Property and Liability Insurance

• Updated: January 2012
• Primary Contact : Steven Pardoe

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 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.

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.

• Reporting Accidents and Claims

• Property Loss Report – University Property UM 1731
  
• Property Loss Notice – Laptop Computer Program UM 1532
  
• Bodily Injury/Property Damage (General Liability) Incident Report UM 1707

Property Insurance

Insurance that covers the cost to repair or replace University-owned property, loss of revenue and extra expenses (cleanup and repair labor, materials, etc) arising from an insured loss. Covered Property includes University owned buildings, furniture, fixtures, computer hardware and software, valuable papers, machinery and equipment.

This program is intended to provide protection against catastrophic losses for which funds to replace the property might not be readily available.

General Liability

Insurance that covers damages and legal defense costs for bodily injury or property damage to third parties for which the University is legally responsible.

Automobile Liability

Insurance that provides coverage for third-party bodily injury or property damage in a claim arising from the ownership or use of vehicles the University owns, leases, hires, rents or borrows.

Professional Liability

Insurance that provides coverage for legal liability arising out of errors and omissions while providing professional services on behalf of the University.

Non-Profit Organization Liability

Insurance that provides coverage for legal liability arising out of wrongful acts of the University or its authorized representatives including Director’s & Officer’s Liability, Employment Practices Liability and Personal Injury claims.

Office of Risk Management and Insurance

Coordinates all risk management and property and casualty insurance for the University. Arranges for the purchase of commercial insurance policies and manages all retained or self-insured programs. Identifies and evaluates risks, and purchases insurance as appropriate and processes claims.

University Departments

Files notices of injury or property damage with Risk Management. Reports property claims to the Office of Risk Management and Insurance within 24 hours of the accident.

Employees

Report accidents if using vehicles on University business (both University and personally owned vehicles). (See also Using Vehicles for University Business).

• Insurance Deductibles

There is no FAQ associated with this policy.

• Administrative Policy: Using Automotive Vehicles for University Business
• Administrative Policy: Reporting Workers Compensation Related Injuries
• Administrative Policy: Traveling on University Business
• Risk Management Website

Amended:

January 2012 - Major Revision, Comprehensive Review:

• Clarifies who has the authority to purchase property and liability insurance on behalf of the University.
• Specifies the type of expenses that will be directly charged to units.
• Establishes a timeframe for reporting injuries or property damage.
• Replaces the current Administrative Policy: Insurance with this second and final policy. The other stand alone insurance policy covers worker’s compensation.