Research Foundation Insurance 101 Learning Objectives Participants

Research Foundation Insurance 101

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

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)

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

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

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

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

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

Answer YES

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

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

Insurance Terms • Per Occurrence / Per Claim / Per Incident – let’s look at some sample language from contracts: 1. “… in no event shall the amounts for general liability be less than $2, 000 per occurrence and $4, 000 in aggregate. ”

Insurance Terms 2. “Every required coverage type shall be occurrence basis. ” 3. “. . . written on an occurrence basis with limits of not less than $1, 000 per occurrence. ” 4. “Commercial General Liability insurance with a limit of not less than $1, 000 each occurrence. ”

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

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

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

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

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

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

Fun side of insurance • Answer All of the above.

Over $6, 500. 00 in damages!!

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

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.

Part II • RF Insurance Application – RF Equipment Insurance Module – RF Certificate of Insurance Module

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

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

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

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

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

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

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

RF Certificate of Insurance – Central Office Certificate of Insurance request form is located on RF Website

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

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

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

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

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

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

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

Questions