Insurance (Policy)

Legislative History: Approved by UEC: March 24, 2004; Approved by the Board 2004/04/26: Date Effective: 2004/04/26; editorial revision approved by the Board 2008/03/03.

Approval Authority: Board of Governors

Signature: Marshall Cohen


Policy

Insurance and Risk Management

1. The placement of insurance is an integral part of York University’s framework for the responsible management of its risks.

Objectives of Insurance Program

2. The University establishes and maintains an insurance program that:

      1. underwrites damage to its physical assets;
      2. minimizes its exposure and that of its officers, directors, employees and students to a wide range of liabilities; and
      3. protects its reputation.

Scope of Coverage

3. The University maintains insurance coverage which is appropriate within the context of its enterprise risk management strategy, for the potential of liability and damage which would have a significant impact on:

      1. its assets and financial status;
      2. the safety and well being of its faculty, staff and students;
      3. its ability to carry out its academic mission; and
      4. its reputation.

Authority

The Vice-President Finance and Administration shall have the responsibility for the oversight of the University’s insurance program and for the creation of guidelines, policies and procedures pursuant to this policy.

Monitoring and Reporting

The Vice-President Finance and Administration shall report annually on the University’s insurance coverage and risk management activities to the Finance and Audit Committee of the Board of Governors.

Implementation

The Assistant Vice-President Finance shall be responsible for the assessment, placement and management of the University’s insurance requirements.