Research Foundation Insurance 101

1. Research Foundation Insurance 101

2. Learning Objectives Participants will understand: • The Research Foundation’s Insurance Program and Coverage • The RF Insurance Application • Equipment Insurance module • Certificate of Insurance module

3. The Basics • The RF is a private, not-for-profit educational institution • The RF has a very robust insurance program • Policy period is July 1 to –July 1 • Our Policies are rated A or better by the insurance industry (A.M. Best)

4. The Basics • Our policies cover all RF sponsored program activity world-wide • Our policies protect the activities of the sponsored programs, which include RF employees, the SUNY Principal Investigators, participants & volunteers, as well as the campus location

5. The Basics • The RF maintains the insurance coverage necessary to ensure that the sponsored program and administrative activity conducted on our campuses are appropriately protected

6. The Basics • Commercial General Liability • Commercial Property • Commercial Auto • Workers Compensation

7. The Basics • Primary International Policy includes personal property, automobiles, and foreign workers compensation • Health Care Organization and Medical Professional Liability Policy; • for RF related activity ONLY • will not cover primary medical care

8. Pop Quiz • Question • Is a Principal Investigator working on a clinical trial administered by the RF covered under the RF’s Medical Professional policy? Yes or No

9. Answer YES

10. Insurance Terms • Additional Insured • In the event of a claim, the additional insured will be included in the RF’s defense of the matter • That additional insured is now sharing in our limits of coverage

11. Insurance Terms • Claims-made vs. Occurrence Based • Claims-made basis: the claim is handled by the insurance company that currently holds the policy, regardless of when the incident occurred • Occurrence-based: the claim is handled by the insurance company that held the policy when the incident occurred

12. Insurance Terms • Per Occurrence / Per Claim / Per Incident – let’s look at some sample language from contracts: • “… in no event shall the amounts for general liability be less than $2,000,000 per occurrence and $4,000,000 in aggregate.”

13. Insurance Terms • “Every required coverage type shall be occurrence basis.” • “... written on an occurrence basis with limits of not less than $1,000,000 per occurrence.” • “Commercial General Liability insurance with a limit of not less than $1,000,000 each occurrence.”

14. Insurance Terms • Third-Party Damages / Liability • When damages occur to someone outside the two parties of an agreement or contract: a ‘Third Party’ • Automobile/Boat accidents involving someone’s private property (i.e. dock) • Personal property owned by someone other than SUNY or the RF

15. Did you know…throughout the RF we have: • We verify these assets annually with the campuses

16. If you are unsure… • When you come across insurance language in a contract that you are unsure of, always feel free to send it to me and we will review the language against our policies and verify coverage for you • Send it to me or the RF insurance mailbox: RFInsurance@rfsuny.org

17. Insurance Claims • All auto, boat, property and equipment insurance claims are filed and processed by our office • Please send claim notifications to the RFInsurance@rfsuny.org mailbox

18. Fun side of insurance What would you do… If you were driving a new RF pick-up truck, for a sponsored program on a farm… and you saw THIS

20. Fun side of insurance • Would you… • Yell out your window at the driver of the bean picker that they are driving backwards? • Blow the horn multiple times to remind the driver that there is another vehicle right behind the bean picker? • Just get the heck out of the way? • All of the above.

21. Fun side of insurance • Answer All of the above.

22. Over $6,500.00 in damages!!

23. Fun side of insurance • Who pays for the damages? • The students? • The farmer? • The consortium that owns the bean picker? • The RF?

24. Fun side of insurance • Who actually paid… • The RF insurance paid up front. We made the project whole and fixed our truck immediately. That way there was no delay to our project. • Our insurance company then went to the insurance company for the consortium that owned the bean picker to recoup their money.

25. Part II • RF Insurance Application • RF Equipment Insurance Module • RF Certificate of Insurance Module

26. RF Equipment Insurance • RF Equipment Insurance Module (EI) • Used to insure sponsored owned, RF owned, or state owned equipment (the equipment is in the RF’s care, custody and control) • Policy has world-wide coverage • Rate $.95 per $100 value/annually, $1,000 Deductible • Insure equipment for a specified length of time

27. RF Equipment Insurance • Currently insuring almost 2,000 items valued at over $7.9 Million on the floater policy • Procedures for Project Related Property Insurance on our website

28. RF Equipment Insurance • Process is decentralized for UAlbany, Stony Brook, and Buffalo State • The decentralized campuses follow their own established procedures • Central Office remains the office of record for all Equipment Insurance and must maintain copies of all reports and premium payments

29. RF Equipment Insurance • The centralized campuses complete the EI request form and send it to the RFInsurance@rfsuny.org mailbox • Include any special insurance requirements • We process the request and pay the insurance premium from the RF account provided

30. RF Equipment Insurance • Central Office Equipment Floater request form is located on RF Website

33. RF Certificate of Insurance • RF Certificate of Insurance Module • We’ve issued 525 Certificates of Insurance (COIs) for Policy Period 2013-14 • Use the module to issue new certificates to entities requiring proof of the RF’s insurance coverage • Use it to track current certificates that have been issued for renewal purposes

34. RF Certificate of Insurance • Currently the campuses complete the Central Office COI request form and send it to the RFInsurance@rfsuny.org mailbox • They include a copy of the contract/agreement with the insurance requirements, and the scope of work • We process the request and a COI is issued

35. RF Certificate of Insurance • Central Office Certificate of Insurance request form is located on RF Website

37. RF Certificate of Insurance • The COI is issued on a standard Acord Form by our agent to a ‘Holder’ (the requestor) • Lists our policy numbers, effective dates, and limits • RF Program Name and Principal Investigator • Special insurance requirements

39. RF Certificate of Insurance • We plan to begin rolling out the RF Certificate of Insurance module to the campuses in January 2014 • The COI module is tied directly to the grants module and will populate the information that is normally typed or written on the request form • Each COI is assigned a unique number by the module

40. RF Certificate of Insurance • We worked to make the module intuitive so it asks the insurance questions for you and reminds you of the specific items you need when requesting a COI • You can attach a copy of the contract/agreement directly to the record in the module

41. RF Certificate of Insurance • The system will submit the request to Central Office for you at the click of a button • Your COI Request Form is emailed to RFInsurance@rfsuny.org and you are emailed a copy for your records • We process the request and a COI is issued and attached to the module

42. RF Certificate of Insurance • How this helps • The information is entered only once • The information is taken directly from the grants system for post-award activity • You can still request pre-award, event, and lease related COIs • You will be able to access copies of the COIs at anytime because they are stored in the module

48. Recap • RF Insurance 101 • Quick review of the RF’s insurance program and coverage • The RF Insurance Application • Equipment Insurance module • Certificate of Insurance module

49. Contact Information • If you have any questions regarding the RF’s insurance coverage, please feel free to contact me. Judy K. Burns Risk Management Coordinator & Insurance Specialist 518.434.7052 Judy.Burns@rfsuny.org RFInsurance@rfsuny.org

50. Questions