Purchase of Insurance
System Policy 24.01 Section 3.2 requires all insurance purchases protecting the System and/or its members must be purchased through System Risk Management.
System Risk Management coordinates the purchase and management of insurance policies and self-insured programs for The Texas A&M University System and its Members. This includes policies or programs covering multiple Members (such as the System-wide Auto Liability Plan and the Facilities Insurance Program and other policies applying to specific risks at individual Members.
If a Member has a special risk they feel should be insured, please contact the System Risk Management at 979-458-6330.
If insurance does appear to be the best way of managing the risk, System Risk Management can search the market for favorable coverage and supply the Member with the information needed for a purchasing decision.
Risk assessment is a process that shows an organization’s or group’s vulnerabilities and the estimated cost of recovery in the event of damage. It summarizes defensive measures and associated costs based on the amount of risk the organization or group is willing to accept (the risk tolerance).
System Risk Management provides risk assessment services for any activity at your respective institution and will work to support mitigation/transfer techniques to minimize risk.
Please see the following link for more information.
Contractual Insurance Requirements and Certificates of Insurance
Insurance requirements are present in most contractual agreements. A Certificate of Insurance is a document that evidences for one party the insurance coverage(s) held by another party. It is not an insurance policy and it does not provide any coverage to the certificate holder.
When other parties provide the A&M System or any of it’s components with a certificate of insurance, you can send a copy of the certificate to the Risk Transfer Section to verify that the insurance requirements have been met.