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Caption: Board of Trustees Minutes - 1972
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474 BOARD OF TRUSTEES BLANKET CRIME INSURANCE POLICY [December 17 (16) Bids have been received for a "Blanket Crime Insurance Policy" covering all University operations on all campuses (hereinafter referred to as Part I) and student organizations, related agencies, and associations (hereinafter referred to as Part II). The present blanket crime policy is a package contract which, at a single overall limit, provides the following five major crime coverages, and is subject to a $1,000 deductible provision: 1. Fidelity Coverages. Protection for losses caused by dishonesty of employees. 2. Premises Coverage. Insures against loss from within any University building of money and securities due to destruction, disappearance, or wrongful abstraction. Other property is insured against loss or damage by safe burglary and inside holdup. Coverage includes damage to the premises by actual or attempted safe burglary, robbery, felonious abstraction, or burglarious entry. 3. Outside Coverage. Money and securities are insured against actual destruction, disappearance, or wrongful abstraction: (1) while being conveyed by a messenger, (2) while being conveyed by an armored car company, or (3) while within the living quarters of the home of a messenger. The outside section protects other property against loss by robbery if the property is being conveyed by a messenger or an armored car company and against theft from the home of a messenger. 4. Money Orders and Counterfeit Paper Currency Coverage. Covers loss due to acceptance in good faith of any post office or express money order if the instrument is issued or is purported to have been issued by a post office or express company. 5. Depositors Forgery Insurance. This is forgery insurance on outgoing instruments. It covers forgery and alterations of checks and other instruments of the University, including forgery of endorsement. The current policy limit is $350,000 per loss. Bids were solicited for a policy limit of $400,000. An increase in the three-year premium to reduce the deductible provision from $1,000 to $100 would be $864 under Part I and $225 under Part II. The Vice President and Comptroller recommends the purchase of a Blanket Crime Insurance Policy for a three-year term subject to a $100 deductible provision, and that the award be made to H. R. Bresee & Co., Champaign, for its combined quotation — representing the Continental Casualty Company for Part I and Indiana Insurance Company for Part II. (The Aetna Casualty and Surety Company was the low bidder on Part II but their quotation on Part II was contingent upon also being awarded Part I.) The total three-year premium is $18,299 — $8,600 for Part I and $9,699 for Part II. A tabulation of the quotations received is submitted herewith and a copy has been filed with the Secretary of the Board. I concur. O n motion of M r . Steger, this recommendation was approved by the following vote: Aye, M r . Forsyth, Mr. H a h n , M r . H o w a r d , Mr. Neal, M r . Pogue, M r . Steger, M r . Swain; no, none; absent, D r . Bakalis, M r . Grimes, M r . H u g h e s , Governor Ogilvie. PURCHASES (17) The President submitted, with his concurrence, a list of purchases recommended by the Directors of Purchases and the Vice President and Comptroller; also purchases authorized by the President. The list of purchases was presented in two categories: purchases from appropriated funds (i.e., from state appropriations to the University) and purchases from institutional funds. The latter term designates funds received by the University under contracts with the United States government, contracts with private corporations and other organizations, funds from foundation grants, and grants from corporations and other donors, and University revolving funds authorized by law. The total amounts of these purchases were:
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