The University Insurance Programme
University approach
The University arranges insurance to provide financial compensation for accidental and unforeseen loss of or damage to assets and indemnity to pay compensation to employees and third parties for legal liability for death, injury or financial loss caused by University activities.
Cambridge University Press and Cambridge Assessment make their own insurance arrangements with the exception of some UK risks (property, terrorism and motor) which are covered under the University’s policies. The Colleges arrange their own insurance and have formed a buying group with all but three colleges taking advantage of the facility. The summary below excludes these arrangements.
The insurance cover for the University is arranged under a number of different policies each providing cover for specific risks. The programme is arranged annually with reputable insurance companies that specialise in insurance for universities. The renewal date for the majority of the University policies is 1st August.
Basis of cover
The cover provided by insurers is based on full disclosure of all relevant information at the commencement of the policy, at renewal or following a change required to the policy or a change in the circumstances or the risks insured. Insurers will not provide indemnity for assets and activities which have not been disclosed.
All policies contain conditions and exclusions, the two most fundamental conditions are that:
- loss or damage must be accidental and unforeseen.
- the insured must at all times demonstrate a duty of care, take all reasonable precautions to prevent or diminish a loss, maintain all buildings and property in a sound condition, exercise care in the selection and supervision of employees and comply with all relevant legislation.
If these principles are not met, insurers may refuse to provide indemnity.
Risks, main policies and cover
The risks broadly fall into four categories : assets; overseas business travel; motor vehicles and legal liabilities. The risks, main policies and cover are summarised below, this is not exhaustive and does not include the specific policy terms and conditions.The only statutory insurance covers are employer’s liability and motor third party liability.
Assets
| Risk | Policy and coverage |
|---|---|
Accidental damage to operational buildings and contents owned or the responsibility of the University | Commercial Property Policy Standard excess £1,000 Terrorism Cover |
| Loss of University income/ increased costs following loss of assets resulting from an accidental damage claim | |
Accidental damage to shared equity and investment property and property at Eddington | Property Owners Policies Various excess |
Accidental damage to contract works for specific projects. Liability to the public Contractual requirements | Contract Works and Public Liability Policies Public Liability limit £50m |
| Loss of or damage to fine art and museum pieces | Fine Art Policy Museum items – theft recovery and restoration costs only Standard excess £1,000 |
| Loss of or damage to research equipment and other items in transit overseas. | Marine and Cargo Policy Limit £250,000 any one shipment Excess £250 |
| Loss sustained as a result of a crime. | Crime Policy Excess £25,000 |
Overseas business travel
| Risk | Policy and coverage |
|---|---|
| Accidental loss of personal possessions and University business equipment | Business Travel Insurance Policy £10,000 personal baggage £ 5,000 cancellation Plus other benefits Travel anywhere in the world for periods up to 18 months without return to UK No exclusion for pre-existing medical conditions Excess £50 baggage and cancellation |
Emergency medical and repatriation expenses | |
| Trip cancellation or rearrangement costs |
Motor vehicles
| Risk | Policy and coverage |
|---|---|
Loss of or damage to own vehicles Legal liability for injury or damage caused to others | Motor Fleet Insurance Policy Standard excess £250 Third party liability cover as required under the Road Traffic Act |
Legal liabilities
| Risk | Policy and coverage |
|---|---|
Injury to employees under Health & Safety legislation | Employers Liability Policy Excess Nil |
Negligent injury to third parties and damage to third party property | Public Liability Policy Property damage excess £500 |
Products Liability Policy (named manufactured products) Limit of Indemnity £50 in the aggregate Excess £500 | |
| Compensation for negligent and non-negligent injury to volunteers participating in human studies and clinical trials | Human Research Studies and Clinical Trials Policy Excess £1,000 |
| Legal liability to pay compensation for financial loss suffered by third parties | Professional Indemnity Policy Excess £10,000 |
| Infringement of intellectual property | |
| Personal liability and entity cover where allowed by law | Directors and Officers Liability Policy Excess Nil |