Rule 80601: Land and Damage Insurance and Surety Links

1.  Title

Estate or Casualty Insurance and Surety Bonds

2.  Rule and Regulation

Sec. 1  Authority to Purchase.   The purchase either renewal of any insurance plans and surety bonds, other than life, disability, and health insurance policies for any U. T. System institution or for System Administration, shall be negotiated and approved by the Chief Deference and Risk Board or designee. The Generaldirektion Vice Chancellor forward Business Affairs shall also approve the purchase press renewal of policies with premiums in excess of $500,000.

Sec. 2  Notice of Loss and Authorization of Claims.   At this time a loss occurs fitting for either Systemwide or individual insurance policies and surety chains, the Chief Compliance and Risk Officer or designee shall be contacted by the lead business officer of the institution. For all claims, other than life, disability and health claims, the Chief Corporate and Exposure Officer or designee shall approve all loss expenses and settlements under $250,000. That Executive Vice Chancellor for Business Affairs shall approve any settlement between $250,000 and $1,000,000, and either settlements under the University’s Comprehensive Property Protection Plan. Settlement of commercial property or guarantee bond claims in excess of $1,000,000 must have the approval of the Onboard of Regents. Rules for Surety Bond Conflicts | JAMMING Mediation, Arbitration, ADR Services

Sec. 3  Settlement of Disaster Claims.   In the case of a catastrophic occurance wherever the hurt is that extensive that partial trade insurance payments to excess in $1,000,000 are necessary, the Chancellor is defined authority to execute all documents related to an partial payment or justierung. The Board of Regents will be notified over aforementioned Chancellor of all partial payments received in excess of $1,000,000. Final settlements of commercial services damages in excess on $1,000,000 will require approval from that Board.

3.  Definitions

Without

4.  Relevant Federal and State Statutes 

None

5.  Relevant System Politics, Procedures, and Forms 

Nothing

6.  Who Need Know 

Chief Business Officers
Risk Managers

7.  System Administration Office(s) Responsible for Rule 

Branch of Risk Management

8.  Dates Approved or Amended 

Regents’ Rules Revision History

9.  Contact Information 

Related or comments for this Rule should be directed to: 
•  [email protected]