click here to download MS Word format

 I.       PURPOSE

To set UMDNJ policy regarding the purchase of insurance.

Under the direction of the Senior Vice President for Administration and Finance, the Vice President for Finance and Treasurer is to ensure compliance with this policy. The Director of Risk and Claims Management shall implement this policy.

1.     In order to most effectively protect the University against exposures to risk at the least
        possible cost, the responsibility for the management of the University's various
        insurance programs is centralized in the Office of Risk and Claims Management. In
        order to minimize the cost of UMDNJ's insurance programs and, also, to avoid any
        overlap of coverages, all procurement of insurance coverage intended to insure
        UMDNJ and/or its employees, agents, volunteers, etc. must have the explicit approval
        of the Office of Risk and Claims Management.

2.     The UMDNJ Purchasing Office will approve purchase orders intended to secure the
        procurement of any form of insurance coverage as defined in section 1. only with the
        explicit approval of the Office of Risk and Claims Management. All procurement of
        insurance coverages will be initiated by the Office of Risk and Claims Management.

3.     The UMDNJ Accounts Payable Office will process payment of an insurance coverage
        premium only with the explicit approval of the Office of Risk and Claims Management.
        All requests for payment of insurance premiums, as cited in section 1. will have the
        written approval of the Office of Risk and Claims Management before payment is
        implemented.

4.     Insurance purchases made outside the scope and terms of this policy will not be
        payable by UMDNJ and, accordingly, will be the sole responsibility of the individual
        purchaser.

5.    All procurement of insurance coverages by the Office of Risk and Claims Management
       will be performed in accord with the applicable UMDNJ Materiel Management
       policies.
 

________________________________________
Senior Vice President for Administration and Finance

Policy Manual Table of Contents

OPPM Home Page

UMDNJ Home Page