Skip Navigation
Business Policy and Procedure Manual
University of Missouri-Columbia
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
April 1999
Chapter 9
INSURANCE
Section: 9:010
Purchasing Insurance

Purchasing Insurance

All insurance purchases are coordinated by UM's Office of Management Services. Inquiries regarding insurance should be directed to the campus contacts: Division of Finance, 311 Jesse Hall (882-7254).

Types of Coverage

The University may purchase insurance coverage under the following conditions:

Property Insurance (excluding fidelity)

  • On University property where required by bond indenture, condition of trust or agreement, federal or state law.
  • On University property where the premium to insure will be paid from sponsored gifts, grants or contracts (non-general operating funds).
  • On University property used by an auxiliary enterprise or a sales and service facility functioning like an auxiliary enterprise.
  • On specific or groups of University properties when the potential loss could be so large that the ability of the University to repair or replace the loss on a timely basis through state appropriations or other sources would be questionable.
  • On property of others where required by the donor, exhibitor or owners as a condition of used.

Liability Insurance

  • Where required by bond indenture, condition of trust or agreement, or required by or voluntary acceptance of federal or state law.
  • Where the president determines that it is in the best interest of the University to provide insurance as an incident of employment for University employees who may become liable for their actions resulting from and directly related to their positions as employees of the University.
  • Where the president determines, because of particular circumstance, that it is in the best interest of the University to provide insurance against its liability from its operation, maintenance or use of specific buildings premises, or other property owned or controlled by it.

Fidelity and Other Bonds

  • Where required by condition of trust or agreement, federal or state laws.
  • Where the president determines the cash and securities of the University are or may be at risk.

Staff Benefits Coverages

  • Upon recommendation of the president.

Student Insurance Program

  • When approved by the president and either funded by the students or with University funds which have been approved in the budget.