The University has a self-insured program for property, liability and automobiles. In the Self-Insured Property Program, a reserve is set up to fund for University losses, third party claim payments and to pay the premiums for excess insurance. Each fiscal year departments are charged a property and liability premium, allocated per building, to maintain the property and liability reserve. Departments with University vehicles are charged an annual premium per vehicle to maintain the auto reserve.
The Self-Insured Property Program is structured as closely as possible on commercial insurance guidelines as regards coverages and exclusions.