Wayne State University

Aim Higher

Policies-8

10.2.5 Purchase Of Insurance

POLICY

No department is authorized to purchase insurance directly, regardless of the source of funding, without receiving written authorization from ORM. This policy is necessary to avoid duplication of coverage and confirm that the company or agent has been approved by the Department of Insurance and the appropriate rating organizations.

PROCEDURE

Responsibility

Action

Reporting Department

  1. Report to ORM any of the following changes which could affect the University's exposure to loss and/or insurance coverage:

    1. Change in occupancy.

    2. Change in operations.

    3. New construction.

    4. Renovations.

    5. Alterations.

    6. Demolition.

    7. Deferred maintenance.

  2. Report values of university equipment in accordance with the Asset Inventory Management System. (Refer to APPM Section 6, Property, Plant and Equipment.)

  3. Report updates of equipment/inventory via Asset Activity Transmittal, (see APPM Section 6.5).

  4. Report the receipt of any certificate of insurance which names the Board of Governors and/or Wayne State University as the certificate holder with a copy of the certificate to ORM.

  5. Report any intended use of chartered aircraft, prior to chartering, to ORM.

  6. Report any intended use of personal aircraft for university business prior to use.

ORM

  1. Arrange for aircraft non-owned liability for the university as required.

  2. Review the limits of aircraft liability carried for the aircraft.