Caption: Board of Trustees Minutes - 1956
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37« BOARD OF TRUSTEES STAFF HOSPITAL AND MEDICAL INSURANCE [June 16 At its meeting on May 19 the Board referred to the Finance Committee, with Mr. Williamson added to the Committee for this purpose, and to the Executive Committee, with power to act, a recommendation from the President of the University that the Blue Cross-Blue Shield insurance program be adopted for the Chicago Undergraduate Division staff. This recommendation has now been concurred in by the Finance Committee, and the Executive Committee reports it has approved the same. PURCHASE OF O W N E R S PROTECTIVE ( C O N T I N G E N T ) LIABILITY INSURANCE Mr. Livingston, for the Finance Committee, presented the following recommendation: The University's insurance practices do not include the purchase of liability insurance to protect the University against potential claims that might arise through the activities of contractors and their employees working on University construction projects, It has been stipulated in the contracts that the contractors shall maintain liability insurance satisfactory to the University. This has placed an administrative burden on the offices of the Physical Plant Department and the Comptroller because of the necessity of carefully checking each insurance policy to determine whether it adequately protects the University. It is therefore recommended by the Finance Committee that the insurance practices of the University include authorization for the purchase of a blanket owner's protective (contingent) liability insurance policy. T h e premiums on such a policy would be based on the amount of work done during the policy period. While the University construction contracts will still require the contractors to carry adequate workmen's compensation and employer's liability insurance, they will not require the contractors to carry comprehensive public liability or automobile liability insurance. Most contractors will carry such insurance for their own protection, and the contracts will require them to file with the University certificates as to the nature and amount of such insurance being carried by them so that this information will be available to the University and to anyone having a legitimate interest in obtaining it from the University. On motion of Mr. Johnston, this recommendation was approved. INVESTMENTS Mr. Livingston, for the Finance Committee, reported the following changes in investments: Current Funds Purchase $1,000,000 U. S. series A i^s per cent Treasury Notes due March iS, I9S6 $1 001 406 25 <-• . Student Loan Funds Eight units of script with an exchange value to August 31, 1956, of i / i o o t h of a share each of Caterpillar Tractor Co. common $10 par stock p . Endowment Funds—General 7 16 $2,000 U. S. 2J/2 per cent Treasury Bonds due August 15, 1963 $15,000 U. S. 2^4 per cent Treasury Bonds due August 15, 1963 Purchases Endowment Funds — G. A. Miller Estate 1 976 88 14 864 06 $10,000 U. S. VA per cent Certificates of Indebtedness due August 15, 1955 100 shares Maryland Casualty Company common stock by exercising 600 rights to subscribe to additional shares 9 993 75 4 000 00
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