POL-U5315.22 Risk Management and Insurance
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Dates and Approval
Effective Date:
September 9, 2002
Revised Date:
August 9, 2017
Approved by:
President Sabah Randhawa
Who does this policy apply to?
Western Washington University recognizes its duty to manage its financial resources in a responsible manner, which includes the implementation and support of a risk management and insurance program. This program will place a high priority on the reduction and management of the University’s loss exposures involving liability and property damage or loss, and their associated costs. This approach supports the primary mission and goals of the University. This policy applies to all University and self-sustaining personnel and property.
Overview
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Policy Statements
1. Risk Management Abides by Goals and Laws
Risk management supports the mission, goals and policies of the University and complies with federal, state and local laws.
2. Risk Management Conducts Risk Analysis
Risk management identifies, measures, and analyzes the liability and property exposures of the University utilizing established and recognized techniques in the insurance industry.
3. Risk Management Selects and Administers Risk-Financing Techniques
Risk management selects and administers insurance, self-insurance and/or other recognized risk-financing techniques to handle loss exposures.
4. Risk Management Investigates and Manages Claims
Risk management actively investigates and manages liability and property claims and recommends adjustment and settlement of insured and retained losses.
5. Risk Management Provides Contractual Risk Analysis
Risk management analyzes all contracts entered into by the University with respect to indemnity, insurance and other risk-related provisions. Risk management reviews and recommends contract indemnity and insurance provisions for contracts created by the University.
6. Risk Management Manages Insurance Agent or Broker
Risk management selects the University’s insurance agent or broker and manages the agent or broker services and compensation.
7. Risk Management Recommends Loss Control Procedures
Risk management recommends loss control procedures to University departments to minimize liability and property damage of the University, except when University departments have the expertise, such as Accounting Services, to develop specific loss control procedures for their particular exposures. University departments must be cooperative to achieve this policy.
8. Risk Management Develops Risk Charges to University Departments
Risk management recommends risk charges to Vice President of Business & Financial Affairs and allocates to University departments as approved by President’s Council.
9. Risk Management Informs University Personnel
Risk management offers advisories and training and briefing programs to University personnel focusing on current risk management issues.
10. Risk Management Depends on Individual Employees
Risk management encourages the employees of Western Washington University to take individual responsibility for the creation of a University environment that protects and enhances the reputation and assets of the University in a responsible and cost-effective manner.
11. Risk Management Works in Partnership with Others
Risk management works in partnership with other University personnel including, but not limited to, Environmental Health & Safety, University Police/Public Safety and Office of Attorney General, that have overlapping responsibilities for the protection of people and property of the University.
Policy Contact
Paul MuellerDivision
Policy Information
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Cancels:
- POL-U5950.14 Risk Management and Insurance
See Also:
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Cancels
- POL-U5950.14 Risk Management and Insurance