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.