Insurance: Policies and Procedures

The following is a brief description of some of the University's Insurance Policies and Claims Procedures. These sections are intended to serve as a reference guide in providing information on insurance policies and procedures and to answer some essential questions regarding the University's insurance policies.

It is important that you contact the Insurance Department if you have specific questions regarding these policies, procedures and claims reporting.

Fidelity/Crime

Policy Description:
The Fidelity (Crime) Policy provides three different types of coverage with differing limits for loss of money, negotiable instruments and/or securities due to Employee Dishonesty, Forgery and Theft.

Employee dishonesty provides coverage for loss of money or property due to the acts of an employee, or employees working in collusion. This is the only portion of the coverage, which will cover property as well as money.

Loss inside/outside the premise provides for burglary or robbery of money or other negotiable instruments.

Depositors forgery coverage provides coverage for forgery or alteration of an insured's checks, drafts, promissory notes or similar orders to pay.

Department Procedures:
Money/securities should be kept in a locked secured compartment, preferably a safe. There is a limit for money/securities kept on the premises during business hours and overnight. Departments keeping more than petty cash on the premises should contact the Insurance Department to discuss specific requirements for coverage.

Claims Procedures:
The department should contact the Insurance Department as soon as they are aware of a loss or potential loss. All claims must be filed within four months of discovery of the loss in order to be covered. Failure to report the loss in a timely manner will result in the claim being denied.

In the event there is reason to believe the loss is due to employee dishonesty, the department should also contact the Office of the General Counsel and/or the Director of Risk Management & Audit Services. You will be provided with further instructions as to how to proceed.