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

Insurance

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 Director, Financial and Business Services 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

Approval Details

Policy Sponsor

Deputy Vice Chancellor, Services and Resources

Approval Authority

Finance Committee

Date for next review

01/11/2018

Revision History

Version

Approval date

Implementation date

Details

Author

17-125/10/201713/11/2017Changes to responsibilities from Finance Committee to Audit, Risk and Compliance Committee and from Director FaBS to Chief of StaffDirector, 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

 

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