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Business and Financial Policies and Procedures

Keeping Insurance Records


Records - Records are official and trustworthy documents used for accountability and transparency. Requirements for retaining records are mandated by federal and state laws and regulations. Insurance records consist of documentation related to the reduction of risk and the prevention of loss to the University's assets, including claims files and insurance policy files.

Working Documents - Working documents are unofficial yet trustworthy documents used to support business activities. Examples include copies of official records retained for your convenience or preliminary planning documents.

Temporary Documents - Temporary documents are transitory and not records or working documents. Examples include drafts, reference materials, and routine correspondence.

OBFS Responsibilities

OBFS retains insurance records according to the following:

  • Insurance policy files 5 years after last date of possible claim
  • Insurance claim files 5 years after close of claim

At the end of the retention period, OBFS destroys the records in a secure manner, provided all audits are complete and no litigation is pending or anticipated.

Unit Responsibilities

Your unit should retain working documents related to insurance for 3 years from last date of use for audit purposes. Temporary documents should be disposed of as soon as they are no longer needed.

For assistance, consult your unit Records Liaison or records contact, if you have one, or the Records and Information Management Services team.

Additional Resources

Records and Information Management Services
Urbana - University Archives
Chicago - University Archives
Springfield - Archives/Special Collections

Last Updated: April 11, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2010

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