Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 1110]

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1948]

UNIVERSITY OF ILLINOIS

IIO9

vandalism, and malicious mischief insurance in amounts and values the Administration has prescribed. F r o m the appraisal made by the Administration, the total insurable value of the realty and personalty, is set at $4,054,387. By special stipulation of its Regional Director, the Administration interposes no objection to 90 per cent coinsurance, provided the amount of coverage be no less than $3,650,000, plus added coverage for sprinkler leakage at 10 per cent coinsurance of $221,680. The Business Office has secured proposals from all companies suggested by the W.A.A., and from other companies acceptable to it and locally represented. These proposals have been submitted to the Finance Committee. The general policy of the Board of Trustees with regard to such insurance on University property is that not more than 25 per cent of any risk may be placed with mutual companies in non-assessable policies, and the remainder with stock companies, all having satisfactory financial ratings. T h e Finance Committee recommends that insurance be purchased as follows: twenty-five per cent from the Northwestern Mutual Fire Insurance Company of Seattle, Washington, through the Leland Smith Agency, and the remainder equally from eleven other agencies, including the General Insurance Company, through the Huff Insurance Agency, a mutual company with dividend estimated at 15 per cent payable at policy termination. The total cash premium is $25,684.08. Allowing for estimated dividends, the estimated net cost is $24,352.38. All premiums run for a period of three years from May 24, 1948, and are 2^2 times the annual premium cost. Temporary insurance has been carried, since possession of the property was turned over to the University, at a cost of $8,567.61 which is provided for to the extent of $7,000 in the current year's operating budget. To meet the total outlay required for the proposed insurance program will require an additional special appropriation of $27,251.69. O n m o t i o n of M r . W i l l i a m s o n , t h i s i n s u r a n c e w a s a w a r d e d a n d t h e appropriation w a s m a d e as recommended, by the following vote: A y e , Mr. Davis, Mr. Fornof, M r s . Holt, Mr. Livingston, M r . McKelvey, M r . McLaughlin, D r . Meyer, M r . Nickell, M r . Williamson; no, none; absent, M r . Green, Dr. Luken. PURCHASES (27) T h e University of Illinois Statutes provide that purchases shall be made on the basis of competitive prices wherever practicable, quality, suitability, and service considered. Purchases amounting to $1,000 or more made from general funds or unitemized appropriations shall be submitted to the Board of Trustees or to the Executive Committee, unless, in the opinion of the President of the University, urgent necessity exists that requires immediate action, in which case the President shall act and report promptly to the Board. O n m o t i o n of M r . N i c k e l l , p u r c h a s e s w e r e a u t h o r i z e d a s r e c o m m e n d e d ( s e e A p p e n d i x , p a g e 1 1 1 9 ) , a n d t h e a c t i o n of t h e P r e s i d e n t of t h e U n i v e r s i t y in a u t h o r i z i n g e m e r g e n c y p u r c h a s e s w a s a p p r o v e d a n d confirmed. THE (28) The 1948 (see This COMPTROLLER'S REPORT OF CONTRACTS EXECUTED Comptroller's report of contracts executed, March 11 to April 30, Appendix, page 1123). report was received for record.

QUARTERLY REPORT OF THE COMPTROLLER

(29) The Comptroller presents his quarterly report to the Board as of March 31. 1948. Copies of this report have been sent to all members of the Board in advance of this meeting. T h i s report was received for record.