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:
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.
Covers the use of University owned and rented vehicles.
- Covers University owned water craft and specialist equipment used within New Zealand waters. It also provides cover for cargo items shipped overseas.
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 email@example.com.
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.