Saving Money Through Insurance Assessments
Another one of our many responsibilities as a department is the management of the university's insurance coverage. While carefully examining the insurance policies that the university currently has in place, we have found some opportunities to save money by reducing and in some cases eliminating premiums. Although we are nowhere near making all the changes and adjustments that will be needed in the many areas of insurance for the university's exposures, we have found some areas that we were able to alleviate costs.
One such instance was a boat policy that placed coverage on two boats owned by the university. The annual premium for the policy was almost half as much as the total value of the boats. This policy had been in place for several years and the boats could have been replaced by the amount of premiums paid out on the policy. We have cancelled the property coverage on the boats and are considering them self-insured, thus saving the premium for this policy.
We also found room to save in the property policy. While we are well aware that we will not have this policy in tip top shape for a while due to the fact that we are in the process of completing building inspections, reevaluating replacement costs and meeting with the deans and department heads to discuss the individual needs of each school and department for content values, we have been able to find duplications and irregularities within the policy that has led to reductions in the premiums.
Finally, we have found that the student teachers that are working for the NC State School Systems are covered by the State Tort Claims Act, NC 143-300.13 for liability claims as "employees" of the State of NC. This allows the student the ability to waive the expense of the Student Intern Liability Insurance which is available through NCDOI/NCAIA for all student interns. This statute also allows the student teachers to have professional liability coverage which is not available to them through an outside insurance company.