Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 210]

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210

BOARD OF TRUSTEES

[December 18

Hughes, Mr. Page, Mr. Pogue, Mr. Swain, Mr. Williamson; no, none; absent, Mr. Jones, Governor Shapiro, Dr. Weatherly.

BLANKET CRIME INSURANCE POLICY (22) Bids have been received for a "Blanket Crime Insurance Policy" covering all University operations on all campuses and a separate quotation providing coverage for student organizations, related agencies, and associations. T h e present blanket crime policy is a package contract which, at a single over-all limit, provides the following five major crime coverages, and is not subject to a deductible provision. The policy limit is $350,000 per loss. 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 alteration of checks and other instruments of the University, including forgery of endorsement. The current insurance industry experience in this line of coverage has not been favorable; and in order to continue to purchase this coverage for a reasonable cost, alternate quotations with $100 and $1,000 deductible provisions were requested. After a review of past claim experience and of the cost of insurance with no deductible provision, with $100 deductible, and with $1,000 deductible, the Vice President and Comptroller recommends that the insurance be purchased for a three-year term subject to a $1,000 deductible provision, and that the award be made to the Aetna Casualty and Surety Company, the low bidder. Since identical low quotations were received from three insurance agencies representing the Aetna Casualty and Surety Company, it is further recommended that the Irish-Behnke Agency, Decatur, Illinois, which was drawn by lot, be designated the agent for this insurance. T h e three-year premium for the University of Illinois coverage is $10,471, and for student organizations, related agencies, and associations $2,562, for a total of $13,033. A tabulation of the quotations received is submitted herewith and a copy has been filed with the Secretary of the Board. I concur.

On motion of Mr. Williamson, these recommendations were approved by the following vote: Aye, Mr. Clement, Mr. Grimes, Mr. Hahn, Mr. Hughes, Mr. Page, Mr. Pogue, Mr. Swain, Mr. Williamson; no, none; absent, Mr. Jones, Governor Shapiro, Dr. Weatherly.

PURCHASES (23) T h e President submitted, with his concurrence, a list of purchases recommended by the Directors of Purchases and the Vice President and Comptroller. 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