The University of Waikato - Te Whare Wānanga o Waikato
Financial Services Division
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Summary of insurance policies held

In common with other large organisations the University takes out insurance cover for a wide range of risks. It does this through a collective arrangement with other universities in New Zealand in order to maximise buying power with the insurance market. Presently policies are held for the following types of insurance cover:

Material Damage/Business Interruption

Covers buildings and equipment against loss through fire and other perils. It also provides financial assistance should normal operations be disrupted significantly as a result of an insured peril.

Public Liability
Provides protection primarily against claims arising from third parties using University premises. 
Professional Indemnity
Covers claims against staff/the University for professional advice given, in the course of the staff member’s normal duties, to outside parties.
Directors’ and Officers’ Liability
Gives protection to staff who take up directorships in companies as a result of their normal duties for the University.
Statutory Liability
Covers the University for non-deliberate breaches of statutes.
Employer’s Liability
Covers the University against claims by employees for damages resulting from situations not covered by ACC arrangements. Also provides cover for legal costs of defending alleged breaches of Health and Safety legislation.

Motor Vehicle

Covers the use of University owned and rented vehicles.

Marine
Covers University owned water craft and specialist equipment used within New Zealand waters. It also provides cover for cargo items shipped overseas.

Travel

Insures University staff travelling overseas on University business.

For those staff who would like more comprehensive information about any of the above covers please contact Karen Harper, Manager Risk Assurance on ext 8919 or email to harperke@waikato.ac.nz.

Insurance excess amounts

The University is able to obtain reduced premiums in exchange for accepting the liability for the first part of the cost of any claim. This self funded cost is called the excess or deductible. Generally the higher the excess, the cheaper the premium is. The excess amounts on the above policies are set at different levels.

An important aspect of applying an excess to a policy is that it promotes a concept of care. If people know that they are liable for the first part of any cost arising from a claim then they tend to take more care in respect of the risk involved.

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