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Caption: Board of Trustees Minutes - 1962
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642 BOARD OF TRUSTEES [August 10 term of five years, effective as of July 1, 1961, for a pre-paid premium of J l j j . 208.33. A binder has been placed on the coverage from July 1. Funds are available in the various operating accounts of the properties to be covered. The Vice-President and Comptroller further recommends that_ insurance be carried on the Kraroiert Art Museum as a matter of good trusteeship since funds for the construction of this building came from private donors. The premium quoted includes the cost, $1,131.30, of insuring this building for five years. The coverage recommended will provide for the same protection as the current policies, is not subject to any deductions or restrictive clauses, and will be written as follows: Buildings and contents at TJrbana and Champaign and Chicago will be insured an a blanket basis at 90 per cent of the depreciated insurable value. Properties will be covered^ for perils of fire^ and extended coverage; coverage of the Chicago properties will include peril of vandalism and malicious mischief, Farms and rural properties will be insured on a scheduled basis for 80 per cent ot the depreciated insurable value. Business interruption insurance will be written on a scheduled basis at 80 per cent of the gross earnings of the operations covered. The policy will include an agreed amount clause which removes the coinsurance requirements. The annual appraisal services now performed by an outside professional firm will be discontinued. The Company will provide the services of its engineering department to assist in determining insurable value. Since the policy is written on an agreed amount basis, dangers of becoming a coinsurer are removed. The only concern is that the amount of insurance is satisfactory to the University and the carrier. The lowest bid of $133,208.33 is on $53,756,027 of insurance coverage and is $113,191.26 less than the current premiunis. A schedule of the bids received is submitted herewith, and a copy is berns tiled with the Secretary of the Board for record. I concur. On motion of Mrs. Watktns, the purchase of a master policy TOS authorized, as recommended, by-the following vote: Aye, Mr. Johnston, Mrs, Watkina, Mr, Williamson; no, none; absent, none, PURCHASES (13) The Director of Purchases has proposed and the Vice-President and Comptroller recommends the following purchases. Unless otherwise specified, the purchase in each case is recommended on the basis of lowest acceptable hid. 1 concur. Chicago Colleges and Divisions Ittpi Accessories for a tcchnicon auto analyzer conaiailng of two proportioning pumps, one dialyBer, and two autoBrads One microtome with motor drive unit 500,000 multiple vitamin capsules having the formula which meets the requirements of the Therapeutic Committee of the Research aad Edu~ eational Hospitals. This represents a one-year supply of this item. 504 bottles Lipomul I.V., 500 ec. This represents a six-month supply of this item. 20,000 chloramphenicol capgulea, 250 mt. This represents a six-month pupply of this item. 40,000 tolbutamide tablet!. 0.5 jm. This represents a six-month supply ol this item. One abt-charme! direct writing oscillograpb -trtred for eight channels One coonter timer and digital printer Department Biochemistry Cwl Vendor i 1 135 W Technicon f.o.b. Chromatography Corp. Chdcajo Chauncey. N.Y. Dental Radiology Pharmacy Stores W, H. Keasel & Co., Chicago Security Medicine Co.. Chicago 2 i l l I' (Jelivmll 3 385 00 ddfctKit Pharmacy Stores Pharmacy Stores Pharmacy Stores Psychiatry Upjohn Co., Chicago Parke-Davis & Co., Skokk Upiolin Co., Chicago Pivan Engineering Co., Chicago 2 9iS« dcliwrtS 49WU) j3J5l» deli"™ (S10W ddira*1
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