Insurance Policy & procedures:
Policy 2.10.030 requires that all “CONTRACTS” be submitted to the Controller and General Counsel for review and approval before execution.
- Policy 2.10.030 requires the Controller, or Controller’s Designee (Budget Officers) to review each contract to confirm that
- funds are available for any payment obligations; and
- insurance or similar coverage is available for insurable risks, in cooperation with Risk Manager (delegated to Risk Management).
- University requires a 3rd Party to have at a minimum general liability coverage of $1 Million per occurrence and $2 Million aggregate and to name the University as an “additional insured.”
- This requirement should always be part of the initial negotiation of a contract.
- Contracts with more inherent risks may require increased insurance coverage.
- Tenant User Liability Insurance (TULIP), is available for 3rd parties who do not have insurance that are using University facilities. TULIP is event specific and does not provide continuous coverage for the 3rd party. TULIP provides a $1 Million layer of protection to the University for General Liability coverage.
For additional information go to www.du.edu/risk
- UNIVERSITY INSURANCE POLICIES AND PROCEDURES
- Modification and/or waiver of the requirement of insurance may be approved by the appropriate Dean or Vice Chancellor if after discussion with Risk Management and General Counsel it is shown that the activity or project serves the best interest of the University and the risk to the University is otherwise mitigated. Policy 2.10.030 requires General Counsel, or General Counsel’s Designee (Assistant General Counsel or outside counsel), to review each contract to confirm that
- the contract accomplishes the intended purposes; and
- does not present any burdensome or unintended liability risks.
- Controller and General Counsel to endeavor to conduct reviews on a timely basis and that the University employee initiating the contract, whenever possible, provide a reasonable period of time for such review.
- Modified Contract Review Procedures
- Exceptions Process Flow Chart
- Sponsored Program