Carleton University uses risk financing as an integral part of its risk management program. A key component of the university’s risk financing is its insurance program which is used to protect the university’s physical assets, limit its exposure to liability claims, and guarantee revenue in the event of interruption of operations. Some key components of the university’s risk financing program are:
- The purchase of all insurance for university property and activities must be arranged through the Director, Risk and Insurance Services.
- The university purchases insurance to protect against catastrophic loss to its physical, financial and other assets. It also uses insurance as its method of risk financing to protect its Board of Governors, officers, supervisors, employees and students, acting in good faith, against liability arising out of their duties as officers, directors, supervisors, employees and students of Carleton University.
- The payment of deductibles and non-insured losses (e.g. below the deductible amount) shall normally be the responsibility of the department suffering the loss. If it is believed that extenuating circumstances exist, the case may be brought to the Assistant Vice-President (Financial Services) by the department head to request payment of the uninsured loss from the university’s general revenues.
- Personal property of faculty, staff and students is not covered by the university’s insurance policy.
- It is the responsibility of each department manager to advise the Director, Risk and Insurance Services of changes in programs, activities or assets, which may affect insurance coverage in place.
- The university insures the risk of employee injury through its purchase of coverage from the Workplace Safety and Insurance Board. This program is administered through the Department of Human Resources. The Department of Human Resources is also responsible for the administration of all other employee benefit programs.
The following table is a summary of the basic insurance coverages purchased by the university and a brief description of the protection they provide. Please note that the actual policy wordings take precedence over the information provided on this web page.
|Type of Program||What is Covered?|
|Property||All property owned or controlled by Carleton University is protected against all risks of physical loss or damage (including shipments within North America and property on lease/loan to the university).|
|General Liability||All costs to Carleton University which it is legally obligated to pay as damages, which may arise as a result of bodily or personal injury or property damage. Note: Insurance does not cover fines and/or penalties imposed by government legislation.|
|Errors & Omissions||All costs to Carleton University which might arise from wrongful acts.|
|Automobiles & Trailers||Third party liability, collision and comprehensive benefits on all licensed vehicles owned or leased by Carleton University.|
|Rental Vehicles||Third party liability, collision and comprehensive benefits on all vehicles rented in Canada and the U.S. Third party liability on all vehicles rented in most other countries, with some exceptions.|
|Fine Arts||Physical loss or property damage to the university’s fine arts and rare books collections.|
|Crime||Theft of monies and securities by employees or others.|
|Boiler & Machinery||Losses related to sudden and accidental breakdown of boilers and related equipment.|
|Course of Construction & Wrap-Up Liability||Damage or loss during the course of construction of new buildings or large renovations on campus.|
For more information, please refer to the Risk Management Manual.