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WMU Insurance Programs

Michigan University Self-insurance Corporation (M.U.S.I.C)

• 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

How it Works

• 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.

Goals of M.U.S.I.C.

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

Who is Covered

• 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

Other Coverages (Non-M.U.S.I.C. Programs)

• 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