University Risk Management

Risk Management

University Risk Management

Risk Management efforts at the University of Illinois encompass both strategic risk and financial/operational activities. The University Office of Risk Management is the insurance agent of the University and serves the entire university, which includes all campuses, regional sites and Extension offices. The Office of Enterprise Risk Management is a strategic endeavor with a mission of understanding significant risks facing the university. Both offices are part of University Administration within the Office of Business and Financial Services and are located at the Urbana-Champaign campus.

Insurance Overview & Procurement

The University purchases insurance or has established self-insured programs for its property and liability risks, as specific circumstances require. This policy has been approved by the Board of Trustees of the University of Illinois and complies with insurance practices followed by other departments of the state.  The Director of the University Office of Risk Management has been delegated the responsibility for procurement of insurance through the Office of Business and Financial Services by the Vice President for Administration. Insurance purchases are subject to the Illinois Procurement Code. Competitive bids are normally used in the procurement of insurance when the premium cost is estimated to exceed the dollar limits set forth in the Illinois Procurement Code. Strict adherence to the Illinois Procurement Code is followed at all times.

Major Insurance Programs

UORM provides service and support for the major insurance programs of:

  • General liability (Public & Board Legal Liability)
  • Professional liability (Medical Malpractice)
  • Auto liability
  • Property (buildings, business contents, business interruption, computers)
  • Workers’ Compensation

In addition to the above major insurance programs, our office offers the following services:

  • Certificate issuance
  • Certificate review
  • Contract review
  • Risk assessment/evaluation
  • Miscellaneous coverage placement (transit, fine arts, equipment such as farm machinery, Academic Camp Accident Insurance)

 

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Last Updated: September 20, 2011