A brief introduction to the University Insurance Programme
Insurance is often thought of as protection against all risks however, insurance is only a means of transferring the quantifiable costs of risk.
For example insurers cannot restore the inherent genius of either a piece of research which has been destroyed by fire, or an incinerated work of art. However insurers can provide funds to pay for the research work to be redone and replace the lost painting with a similar masterpiece.
There are two basic categories of insurance.
|Risk Insurance||Liability Insurance|
|The focus is on the organisation - what could the University lose?||The focus is third party - what could another person or organisation lose because of the University?|
|Examples would be:
|Examples would be:
Damage to property
Damage to health
Loss of Good Name
Damage to career due to poor teaching
The Insurance Programme incorporates both types of cover and enables the Insurance Section to confirm certainty of insurance for University assets and activities without having to list the individual policies involved.
- The University Insurance Programme includes over fourteen insurance policies. The main insurer is currently Royal & Sun Alliance, a large general UK insurer. Whilst some risks are placed with specialist insurers.
- The Insurance Programme is constantly reviewed to ensure it is appropriate to meet the changing needs of the University and every few years (maximum four years) an OJEU tender exercise takes place to ensure good value for money. The University uses an external insurance consultant to negotiate terms.
- Every year the insurance polices are renewed, a process which requires a declaration to insurers of the University's property and activities. The Insurance Section collects data between March and June after which terms are negotiated with insurers and renewal takes place on 1st August.
- Some insurance, for example insurance for fine art and insurance for clinical research projects, must be specifically arranged with the Insurance Section. The guidance in this chapter makes it clear when and how applications for cover should be made.