Repository: UIHistories Project: Board of Trustees Minutes - 1986 [PAGE 221]

EXTRACTED TEXT FROM PAGE:

210

BOARD OF TRUSTEES

[March 21

of the University for review and recommendation to the Board of Trustees. Amendments adopted by the board shall become effective on the date fixed by the Board of Trustees, without notice to covered persons. T h e plan and all amendments thereto shall be available for inspection at reasonable times in the Office of the Secretary of the Board, and information regarding the plan shall be distributed through campus publications.

5. ASSIGNMENT

[6]. The interest hereunder of any covered person is not assignable. If the covered person shall die or be adjudged incompetent, this coverage shall thereupon terminate, but shall cover the covered person's legal representative as the covered person with respect to damages previously incurred and to which this plan applies.

6. CANCELLATION

[7 J T h e board may a t anytime terminate the plan and cancel the coverage provided therein. Notice of such termination of the plan and cancellation of coverage will be given to all covered persons by publication in a newspaper of general circulation in Cook County, Illinois, and a newspaper of general circulation in Champaign County, Illinois, at least thirty days prior to the effective date of such termination and cancellation.

7. PLAN CoNSTrrunoNALrrY

[8.] In the event that any part of the plan is held to be unconstitutional or otherwise declared illegal or invalid, the other parts of the plan will remain in full force and effect, subject to board action.

8. APPLICABILITY OF COVERAGE

The vice president with the advice of the university counsel and the Self-Insurance Policy Committee shall decide questions regarding coverage or interpretation of the plan.

Risk Management Program University of Illinois March 21,1985

I. Program Statement The Board of Trustees recognizes its role of stewardship over the assets of the University, both human and property. T o this end the Board establishes this risk management program. II. Risk Management Functions The management of the risks of loss to the University in terms of both human and financial resources shall be the responsibility of the Vice President for Business and Finance. The Vice President shall establish and maintain a risk management program to perform the following functions: Exposure Identification — the creation of a continuous discovery process to identify and evaluate all resources for which the University is responsible, and all of the accidental loss exposures that can materially affect these resources. Risk Evaluation — the determination of financial risks by analyzing past loss frequency and severity, forecasting future frequency and severity, and measuring as precisely as possible the financial consequences of such losses. Risk Control — the reduction of risk and the prevention of loss within prudent economic constraints, including property conservation, personnel safety, automotive-fleet safety, environmental protection, security a n d emergency planning. Risk Finance — the funding of all exposures t o loss using the most costeffective blend of internal and external financial resources.