I. Insurance Programs. The University of North Carolina System (UNC System) and its constituent institutions participate in insurance programs administered or overseen by the North Carolina Department of Insurance.
A. Minimum Insurance Coverage. In order to mitigate against the risks associated with damage to or loss of University property, the president shall establish and ensure that the constituent institutions maintain sufficient minimum insurance coverage consistent with institutional operations and industry standards and to protect the investment the state has made in each constituent institution.
B. Property and Other Special Coverages. Property coverage shall consist of “all risk special form” or its equivalent. This minimum standard of property coverage will be evaluated and approved by the Board on an annual basis. Minimum standards for other special coverages shall be established by the president based on the needs of the UNC System and the constituent institutions.
II. Limited Exceptions. A constituent institution may petition the president for limited exceptions to the UNC System minimum coverage standards. In consultation with the Board committee responsible for overseeing this policy, the president shall have the discretion to grant limited exceptions where the constituent institution establishes that it can otherwise meet the purpose and intent of the minimum coverage standards through other risk control or mitigation strategies.
III. Other Matters
A. Effective Date. The requirements of this policy shall be effective January 1, 2021.
B. Relation to State Laws. The foregoing policies as adopted by the Board of Governors are meant to supplement, and do not purport to supplant or modify, those statutory enactments which may govern the activities of public officials.
C. Regulations and Guidelines. These policies shall be implemented and applied in accordance with such regulations and guidelines as may be adopted from time to time by the president.