Ohio Admin. Code 3356-3-06 - Institutional insurance programs
(A) Policy statement.
The board of trustees authorizes all of the
university's institutional insurance programs.
As a best practice, the university maintains property and
casualty insurance to manage risk associated with property losses and/or legal
liability that may result from damage to property or injury to others. To
provide optimal coverage and pricing, the university may participate in
consortial insurance programs. All existing programs will be reviewed
annually.
(B) Parameters.
(1) Youngstown state university is a member
of the inter-university council insurance consortium ("IUC-IC"), a
collaboration of thirteen public universities. The IUC-IC collectively pools a
core group of casualty and property risks, retains a portion of the risk in a
formalized self-insurance program, and then purchases insurance to cover large
incidents.
(2) Annual competitive
bidding shall be conducted in accordance with the policies and procedures
governing the IUC-IC.
(C) Procedures.
(1) The vice president for finance and
administration will appoint a designee to represent the university on the
IUC-IC underwriting committee. The committee determines and implements programs
regarding insurance and risk management.
(2) The IUC-IC underwriting committee
recommendations are submitted to the IUC-IC board of governors. The board of
governors is the decision-making body of the insurance consortium. The vice
president for finance and administration and the IUC-IC underwriting committee
representative serve on the board of governors.
Replaces: 3356-3-06
Notes
Promulgated Under: 111.15
Statutory Authority: 3356
Rule Amplifies: 3356
Prior Effective Dates: 5/21/99, 6/16/03, 12/20/10
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