Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 372]

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1947]

UNIVERSITY OF ILLINOIS

371

B. Hangar keepers' legal liability, covers the University's legal liability for any aircraft in the care or custody of the University, damaged or destroyed by fire, windstorm, land damage, theft, and so forth. This does not cover the actual loss occasioned by the elements but only the University's legal liability. The aviation insurance covers the following: A. Aircraft liability for any accident caused by the operation of aircraft both on and off the premises, owned, leased, or operated by the insured, covering bodily injury with $50/250 limits and property damage to the extent of $50,000. Also includes admitted liability in the amount of $5,000, covering all members of the University of Illinois who may ride in an aircraft. B. Airport liability for accidents occurring on the University's premises and adjoining ways by reason of accidents resulting from the use, maintenance, and control of the premises, covering bodily injury liability with $50/250 limits and property damage to the extent of $50,000. C. Products' liability, covering the sale of defective gas, oil, and so forth; also improper repairs and service of parts, to the extent of $50/250 public liability and $50,000 property damage. IX Accident insurance for student flyers, in the principal amount of $3,000, with medical benefits of $500. The Comptroller recommends approval and has submitted the proposal to the Finance Committee, which has indicated its approval. Confirmation by the Board is requested. O n m o t i o n of M r . W i l l i a m s o n , t h e p u r c h a s e of t h i s i n s u r a n c e w a s authorized as recommended. PURCHASE OF BUILDERS' RISK INSURANCE ON W O M E N ' S RESIDENCE HALL (15) The Purchasing Agent recommends the purchase of builders' risk insurance, including fire, estimated coverage, vandalism, and malicious mischief, on the women's residence hall now under construction, from the following four lowest bidders: Estimated Amount of Net Insurance Agent Insurance Carrier Insurance Premium Lumbermen's Mutual Central Manufactures #800 000 $ 955 Monier & Morrissey United States Fire 800 000 1 200 Burton & Trelease Insurance Company of 800 000 1 275 North America George Franks American Eagle Company 800 000 1 275 The above companies meet our requirements and quote identically low vandalism rates. Lumbermen's is the only mutual company quoting on this risk that will accept a full one-quarter of the risk. The amount of insurance is based on an ultimate valuation of $3,200,000, completion estimated at September 1, 1948, with any unearned premium to be cancelled on a short rate basis. The earned premium is to be calculated on an estimated insurable valuation of $2,800,000. Under its usual contracts with builders, the University carries such insurance. This is more advantageous than requiring various contractors to carry the insurance and including it in their cost charges to the University. The Comptroller has recommended approval and has submitted the proposal to the Finance Committee, which has indicated its approval. Confirmation by the Board is requested. O n m o t i o n o f M r . N i c k e l l , t h e p u r c h a s e of t h i s i n s u r a n c e w a s authorized as recommended. APPROPRIATION FOR MILITARY STABLES REPAIR AND REPLACEMENT OF EQUIPMENT DAMAGED BY FIRE (16) The Military Stables on the south campus were constructed by the University in 1910-1922 (the inventory value as of June 30, 1046, was $48,600) to house horses assigned to the University of Illinois for the training of students in the Cavalry and Field Artillery Units of the Reserve Officers Training Corps. Several