Insurance Program Policy

Overview

The University of Adelaide Act (1971) ("the Act") provides in section 9 for the Council to be the governing body of the University of Adelaide ("the University"). The University Council has statutory responsibility, among other things, for overseeing and monitoring the assessment and management of risk.

This Policy affirms the University's commitment to building a risk culture in which opportunities and threats are identified and managed effectively to assist in the pursuit of the University's objectives being "the advancement of learning and knowledge including the provision of university education" (section 4 of the Act).

Risk management is an integral part of good governance and best management practice. The University maintains an insurance portfolio as a risk management device to balance the retention and transfer of risk. The University transfers risk by purchasing insurance cover where it is prudent and appropriate to do so.

Scope and Application

The University's insurance program applies to the full span of the University's objectives and undertakings locally, regionally and internationally and across academic activities, research endeavours, community engagement and commercial undertakings.

The University's insurance program applies for the benefit of the University and its Named Insureds. The insurance program extends beyond the University (as defined in the Act) to Named Insureds, including Controlled Entities and Affiliates so to better manage and control the risks to which it is exposed.

This Policy applies to all staff, titleholders, students, and contractors, Controlled Entities and Affiliates (and personnel employed by the University's Controlled Entities or Affiliates). It also applies to other parties that, from time to time the insurance company accepts as a Named Insured at the request of the University.

This Policy does not apply to the University's status as a self-insured employer under the Return to Work Act 2014 except insofar as the University's self-insurance licence does require it to hold an excess of loss policy and that excess of loss policy is part of the insurance program.

Policy Principles

1. The University protects its people, assets, resources and activities partly by arranging appropriate insurance.

2. The University purchases insurance from companies with reputable ratings, reputations and financial capacity.

3. The University applies principles of financial management, transparency and equity in assessing the internal distribution, where relevant, of the cost of insurance premiums.

4. The University is obliged, under insurance contract law, to act in Good Faith in establishing its insurance program, maintaining insurance obligations throughout the period of cover and disclosing material facts as and when they arise.

5. To attract the benefit of the University's insurance the Named Insureds must comply with University policies, procedures and guidelines; respond to reasonable directions from the University, including participation in the annual declaration and renewal process; and report notifiable events in the time and manner specified.

6. With the exception of travel insurance, the University prohibits the Named Insureds from separately seeking to obtain insurance cover outside the University's program.

7. The University's insurance program is not a substitute for appropriate risk management.

Authorities

Key	Authority Category	Authority	Delegation Holder	Limits
Legal & Compliance	Insurance	Approve placement of annual insurance program	Vice-Chancellor & President	Within the approved University budget
Legal & Compliance	Insurance	Authority to commit to incur expenditure & authorise payment for the University's insurance	Vice-Chancellor & President	Within the approved University budget
Legal & Compliance	Insurance	Approve settlement of claims	Chief Operating Officer & Vice-President, Services & Resources	Greater than $100k
Legal & Compliance	Insurance	Approve settlement of claims	General Counsel	Up to $100k
Legal & Compliance	Insurance	Authorise travel claims	Insurance & Finance Officer	Up to $5k

Responsibilities and Procedures

The responsibility for insurance is as follows:-

Council	Responsible for overseeing and monitoring the assessment and management of risk across the University.
Vice Chancellor & President	Approves the placement of relevant policies and authorises the annual insurance program expenditure.
The University (Named Insureds) including all (academic and professional) staff, titleholders, students, volunteers and contractors	To benefit from the insurance program all Named Insureds must: * Comply with all University policies, procedures and guidelines. * Respond to University directions and reasonable requests for information. * Participate in the annual declaration and renewal process cooperatively and in the time and manner required. * Report Notifiable Events in accordance with the "Notifiable Event Reporting Guide": * Report any notifiable event to the Legal & Risk Branch as soon as it occurs or you become aware of it. * Report any change in the circumstances of a previously reported notifiable event to Legal & Risk Branch. * Complete the Notifiable Event Summary and Risk Assessment Form * Comply with the procedures for the notification of claims in accordance with the Insurance Guides.
General Counsel	* Design an insurance program to ensure appropriate risk retention and risk transfer-related strategies are in place. * Design, implement and execute a process to obtain relevant data for the annual renewal of the insurance program. * Retain professional broking services to assist the University in the design, implementation and execution of its insurance program. * Coordinate the procurement and purchase of insurance.
Controlled Entities, Affiliated Entities and other Named Insureds (Chair, Chief Executive or General Manager)	To benefit from the insurance program all Named Insureds must: * Comply with University policies, procedures and guidelines. * Respond to University directions and reasonable requests for information. * Participate in the annual declaration and renewal process cooperatively and in the time and manner required. * Report notifiable events in accordance with the "Notifiable Event Reporting Guide": * Report any notifiable event to the Legal & Risk Branch as soon as it occurs or you become aware of it. * Report any change in the circumstances of a previously reported notifiable event to Legal & Risk Branch. * Complete the Notifiable Event Summary and Risk Assessment Form * Comply with the procedures for the notification of claims in accordance with the Insurance Guides.

Definitions

Affiliate and Affiliated Entity means any entity wholly or partly owned or controlled by the University, which the insurance company accepts as an affiliate or affiliated entity at the request of the University.

Annual Declaration means the process by which the University collects information about its property and activities to declare to the insurance company.

Controlled Entities means the University's Controlled Entities from time to time (as that term is defined in Section 50AA of the Corporations Act 2001 (Cth)) which the insurance company accepts as Controlled Entities at the request of the University.

Named Insureds means the University of Adelaide including all staff, titleholders, students, volunteers, contractors; and Controlled and Affiliated Entities including their staff and employees; and other parties that from time to time the insurance company accepts as a Named Insured at the request of the University.

Good Faith means to act honestly and fairly and avoid any attempt to deceive in assuming and performing contractual obligations.

Insurance Guides means the resources available on the Legal and Risk Branch website.

Notifiable Event means every known fact, circumstance or event that could result in a claim being made against the University.

Renewal means the process by which the University declares its property and activities to the insurance company, and negotiates terms of the insurance.

Please use the following URL instead of linking to individual documents:
https://www.adelaide.edu.au/policies/3683