FMPM 450 Insurance

Intent

To set out the requirements for the approval and management of the University’s Insurance program.

Scope

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 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

Approval Details

Revision History