Repository: UIHistories Project: Board of Trustees Minutes - 1928 [PAGE 154]

EXTRACTED TEXT FROM PAGE:

1926]

UNIVERSITY OF ILLINOIS

ISI

In the matter of equipment on the Dental Building a balance of over 48,000 is in force. This is probably a sufficient amount although a recheck of the inventory will probably be necessary in order to make certain that the amount is correct under our contract. Insurance is also being carried on other buildings and equipment at Chicago as follows: Medical Building $225,000 Medical Building Contents 105,000 Old Pharmacy Building 91,000 Juvenile Research Building 26,000 Old Pharmacy Budding Contents 25,000 The policy of carrying insurance in Chicago came up first in connection with the Pharmacy Building and is referred to in the Board Minutes for October 18, 1916. The insurance on the Medical and Dental Buildings was first considered by the Board on February 21, 1917, the insurance carried by the College of Physicians and Surgeons having been taken over by the University when the properties were acquired. The present insurance is being carried in accordance with the action of the Board on November 9, 1921, supplemented by the action on July 14, 1924. The average cost per year is about $500. N o insurance is carried on the Research Library and Laboratory. The major part of the insurance now being carried will expire during the current fiscal year and an appropriation to renew it was included in this year's budget. Policies on the Juvenile Research Building expire in October and November, policies on the Pharmacy Building in November, and policies on the Dental and Medical Buildings in March. In view of this fact it might not be unwise to review the whole question of insurance in Chicago, whether it is considered desirable to continue this insurance other than that on the Dental Building, which is required by the bond issue, and if so, whether the correct amounts are being carried. Cordially yours,

Lloyd Morey

Comptroller October 13, 1926 M r . Lloyd Morey, Comptroller

My Dear Mr. Morey :

I a m returning your letter of the 5th to President Kinley about the Chicago insurance. I think we should carry ?ioo,ooo on the Dental building. I believe that our inventories should be re-checked before we determine the amount of insurance to carry on contents. I also think the question of policy with reference to insurance on Chicago buildings should be discussed. The fire hazard is greater there than it is here because of the proximity of the buildings, and yet the risk of loss is probably no greater because of the superiorfire-fightingfacilities. If the Dental building had not been so close to the West Side Hospital the firemen would probably have handled thefirewith considerably less damage to the building, but they could not take any changes and therefore smashed $2400 worth of glass in outside walls and roof in order to clear the building immediately of smoke so they could get to the seat of the fire. The real reason, it seems to m e , for carrying insurance is to be sure to have funds for the immediate restoration of the building. O n our campus here if we have afireloss in one building, we have so m a n y buildings that we can shift our programs so as to practically carry on the work that was in the damaged building without interruption, but this would not be possible in Chicago and the work of a