Time for Insurance Inventories

Did you know that CSU's Risk Management & Insurance Administration function, alone is charged with buying and maintaining property and casualty risk insurance for the University? This means that the purchase of all property and casualty insurance is coordinated through Risk Management! Although our Athletics and Human Resources departments also buy insurance Risk Management is charged with identifying all types of policies in effect for the protection of CSU! At the request of Risk Management, each year departments become involved with insurance program renewals, and they provide very important informational updates, as needed. Another way the inventory of our insurance is done includes surveying to determine whom on our campus buys insurance that is not related to athletics or benefits or procured through Risk Management, even when for short-term or longer-term projects and coverage needs.

Did you know that casualty risk and the insurance ultimately purchased to protect against these kinds of exposures pertains to coverage that is, according to the International Risk Management Institute, concerned with the losses caused by injuries to persons and legal liability imposed on the insured for injury or damage to the property of others? This form of insurance, however, is not primarily concerned with life, health, or property loss exposures. The University uses several methods, including applications to survey its casualty risk exposures and updates this data and information through Risk Management, as needed. The University also takes steps to obtain coverage for its property risks, including for instance facilities and the contents within them. Our Facilities staff play an important role each year in helping to revise our records for the proper assessment of these risks, however there are times when departments may incur additional types of property risks that are related to their day-to-day operations; and it is, therefore also important to report the intake of significant and new property risk exposures!

What can you do? If your department carries insurance policies for any type of risk and for any reason or has, for example, added expensive contents and equipment to its inventory please take time to notify Risk Management, using the email listed below.  Doing this helps to ensure that buying power is optimized, and redundancies, duplications, overcharges, coverage gaps, and more are avoided! ...Plus, CSU's risk profile is accurately maintained and reported, as needed to both the Inter-University Council Insurance Consortium of Ohio and our broker, which services and markets our accounts for retaining appropriate coverages. Remember-If our reporting results in inaccuracies, it is likely to result in coverage inadequacies, leaving the University in jeopardy of being over or underinsured!!

We all manage risk!! Please send a copy of any insurance policy, no matter what it's for or how long it has been in effect, to Risk Management using risk.mgmt@csuohio.edu! Thank You!