Risk Management & Insurance Services
The Office of Risk Management and Insurance (‘Risk Management’) strives to protect the assets of the University from various sources of loss or damage that could affect overall financial stability. Responsibilities include directing insurance programs and loss control activities, identifying exposures, recommending solutions, and promoting loss prevention. This office manages most of the insurance programs at the University with the exception of the University Employee Benefit Program (employee life, health, and disability insurance) which is managed through the Human Resources Department. Additionally, Risk Management:
- Advises the university community regarding the risks naturally encountered in the course of Research, Teaching and Outreach;
- Works to minimize the frequency and severity of physical injury and property damage;
- Consults on the risk and insurance provisions of the contracts the University seeks to enter;
- Implements programs that preserve university financial resources.
The Office of Risk Management and Insurance accepts as principle that assuming some risk is integral to being productive. The University must take risks and Risk Management must find ways to minimize the financial impact of adverse outcomes.
Risk Management uses commercial insurance, captive insurance, and self-insurance to transfer, or budget for, monetary loss arising from risk. It is responsible for the design, procurement, implementation and maintenance of these programs.