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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.

Q. Assets

Risk Policy and coverage

Accidental damage to operational buildings and contents owned or the responsibility of the University

Commercial Property Policy
Maximum limit any one building £200m

Standard excess £1,000

Terrorism Cover
Limit £200m any one loss

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
Buildings, contents and rent covered to the individual reinstatement or loss value.

Various excess

Accidental damage to contract works for specific projects. 

Liability to the public

Contractual requirements

Contract Works and Public Liability Policies
“All risks” cover for the works to the contract value

Public Liability limit £50m

Loss of or damage to fine art and museum pieces

Fine Art Policy
Library contents and items on loan - “All risks” cover to specified limits.

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
“All risk” cover

Limit £250,000 any one shipment

Excess £250

Loss sustained as a result of a crime.

Crime Policy
Limit £1m any one crime

Excess £25,000

 

Q. Overseas business travel

Risk Policy and coverage
Accidental loss of personal possessions and University business equipment

Business Travel Insurance Policy
Unlimited emergency medical expenses

£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

 

Q. 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
Comprehensive cover for own vehicles

Standard excess £250

Third party liability cover as required under the Road Traffic Act

 

Q. Legal liabilities

Risk Policy and coverage

Injury to employees under Health & Safety legislation

Employers Liability Policy
Limit of Indemnity £50m any one incident

Excess Nil

Negligent injury to third parties and damage to third party property

Public Liability Policy
Limit of Indemnity £50m any one incident

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
Limit of Indemnity £10m each and every claim

Excess £1,000

Legal liability to pay compensation for financial loss suffered by third parties

Professional Indemnity Policy
Limit of Indemnity £10m in the aggregate

Excess £10,000

Infringement of intellectual property
Personal liability and entity cover where allowed by law

Directors and Officers Liability Policy
Limit of Indemnity £10m

Excess Nil

 

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FOR STAFF

Please see our CORONAVIRUS/COVID-19 Assistance pages for help with areas of Finance during the current situation.

UFS issued communications and the University website also contain information on this topic

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