Policy University Management FMPM 400 - FMPM 499 - Liabilities FMPM 450 Insurance
FMPM 450 Insurance
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Intent
To set out the requirements for the approval and management of the University’s Insurance program.
Scope
Function | Responsibility of |
---|---|
Approval and review of primary insurance arrangements | Audit, Risk and Compliance Committee |
Approval of other insurance arrangements | Chief of Staff |
Management of insured risk | Head of Organisational Unit |
Notification of insured loss/incident | Head of Organisational Unit |
Maintenance of an insurance register | Chief of Staff |
Definitions
Policy
The University must establish insurance arrangements with one or more institutions that will provide the primary insurance coverage necessary to meet the majority of the University's insurance needs.
The primary insurance arrangement or any amendments to the primary insurance arrangements must be subject to the approval of the Audit, Risk and Compliance Committee;
The Chief of Staff may establish additional insurance coverage not provided by the primary insurance arrangement where the risk is not otherwise insured.
An insurance policy coverage must be a cost effective means to manage the risk exposure.
The Heads of Organisational Units are responsible for the management of all assets under their control.
The Heads of Organisational Units are responsible for notifying the Chief Financial Officer of all losses (including any anticipated legal action involving the University). A loss can be a physical loss or can be a potential loss as a result of a legal action against the University. Refer FMPM 920: Policy - Losses.
A register of insurance arrangements must be maintained detailing:
the name of the insurance company;
a description of the risk insured;
the commencement and expiry dates of the policy; and
the premiums paid.
For enquiries in relation to this FMPM Policy please contact Insurance@jcu.edu.au.
Administration
NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.
Approval Details
Policy Domain | University Management |
Policy Sub-domain | Finance |
Policy Custodian | Chief Financial Officer |
Approval Authority | Vice Chancellor |
Date for next Major Review | 01/11/2020 |
Revision History
Version | Approval date | Implementation date | Details | Author |
---|---|---|---|---|
17-1 | 25/10/2017 | 13/11/2017 | Changes to responsibilities from Finance Committee to Audit, Risk and Compliance Committee and from Director FaBS to Chief of Staff | Director, FaBS |
15-01 | 09/08/2015 | 10/09/2015 | Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework | Quality Standards and Policy Unit |
12-01 | 16/08/2012 | 17/08/2012 | ||
11-01 | 16/11/2011 | 22/11/2011 | ||
10-01 | 16/11/2010 | 22/11/2010 | ||
01-01 | 12/2001 | 12/2001 |