WMU INSURANCE PROGRAMS (BUSINESS SERVICES) - Business and Finance
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  • Comprised of 11 of the 13 Michigan four year public institutions
  • Incorporated in 1987
  • Cooperative Risk Financing Facility
  • Mechanism for identifying loss trends and developing solutions UNIQUE to the University setting
  • Organizational Structure

  • Universities fund the first layer of loss in the form of retention or deductible
  • M.U.S.I.C. funds the second layer of loss and buys excess insurance to cover the member institutions from catastrophic losses
  • We get a better deal on excess premiums through group purchases
  • With no losses, we get paid premiums returned in the form of a dividend
*Equity also accumulates so that investment income can offset both current losses and future premiums.


  • Broad Coverage
  • Cost Stability/Reduced Cost
  • More Control

  • The Institution and the Governing Board
  • Employees when they are acting within the scope of their duties
  • Volunteers and Students when they either perform services or become engaged in activities on behalf of the Institution



TYPE
Automobile Physical Damage/Liability*
Aircraft Hull/Liability Premises
Builders Risk
Crime
Directors & Officers Liability for the Alliance
Directors & Officers Liability for Cistercian Publications
Directors & Officers Liability for Paper Technology
Directors & Officers Liability for the WMU Foundation
Excess Workers Compensation
Foreign Coverage (General Liability)*
General Liability for the WMU Foundation
General Liability for the Maritime Studies (soon to be cancelled)
Government Entity Bond
Health Center and Related Health Specialties General/Professional
Liability Premises*
Inland Marine (Books & Valuable Papers)
Multimedia Professional Liability (Broadcasters and Publishers Liability)
Non-Owned Aircraft Liability*
Professional/General Liability for the Alliance
Professional/General Liability for the Center for Disability Services
Travel Accident
Underground Storage Tank
US Postal Bond

*Group purchase with other M.U.S.I.C. Universities


Copyright © 2003 - Western Michigan University - All Rights Reserved
Direct technical questions/comments to VPBUSFIN WEB
http://www.wmich.edu/vpbusfin/insurance.html
Last Revised by Business & Finance on: 23 July 2003
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