A. Purpose
The administration of North Carolina State University interprets its responsibility for Insurance and risk management as requiring the highest possible concern for the safety of its students, employees and the public combined with a concern that maximum protection be afforded University-owned property to prevent financial loss.
The Department of Insurance and Risk Management is responsible for administering insurance programs covering loss or damage to University may be held legally responsible.
The University is exposed to various risks which may be prevented, reduced, insured, not insured, or not insurable. Such risks shall be evaluated primarily from the standpoint of the effect on the entire University, rather than on any one department. In managing the risk, the University shall take proactive steps to:
1. Consider the elimination or modification of conditions and practices, whenever practical, which may cause loss.
2. Assume risks whenever the risk cannot be eliminated and is uninsurable, or whenever the amount of potential loss would not be life threatening, or significantly affect the University's overall financial position and when consistent with University and State policy.
3. Insure risks, including self-insurance, at appropriate levels whenever the amount of potential loss would be significant and when consistent with University and State policy.
4. Procure insurance through the North Carolina Department of Insurance and commercial insurers in accordance with University and State policy and procedures.
The purpose of this statement is to provide current information on these insurance programs for the information and procedural guidance of all campus units.
B. General Guidelines/Applicable Policies
1. North Carolina General Statutes
2. The University has three separate and distinct categories of insurance. They are:
b. General Public Liability - General Public Liability for alleged negligence, and Personal Liability for alleged wrongful or negligent acts of employees. These categories of protection are administered by the University's General Counsel (Room 301, Holladay Hall, extension 5-3071). A memorandum dated August 31, 1984 subject: Liability Protection for and Defense of University Employees, from the University's General Counsel, provides information on this subject.
c. Operations and Assets Loss or Damage and Potential Liabilities to Others - This category of insurance is administered by Insurance and Risk management, 218 Alumni Building, extension 5-6124. Examples of this type of protection include fire and extended coverage on buildings and University-owned contents, motor vehicle liability, burglary and robbery, employees honesty bond, all risk (or open perils) coverage on property, accident, excess liability, and special short-term coverage for special events.
a. Employee Benefits - Employee statutory and voluntary insurance, such as Workers' Compensation, Group Health, Group Life, Personal Liability, Personal Auto, Homeowners, Pension Plans, etc. This category of insurance is administered by the Benefits Section, Division of Human Resources (Administrative Services Building, extension 5-2151.