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Caption: Board of Trustees Minutes - 1950
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504 BOARD OF TRUSTEES [July 28 property damage on the entire fleet of automotive equipment owned by the University, or leased. Such insurance is authorized under the Board policy on insurance. Requests for quotations were submitted to representatives of sixty-four companies. A total of eight representatives submitted bids. The lowest bid was submitted by W . R. Hidy, Champaign, for a premium of $3,314.50, for insurance placed with the Hartford Indemnity Company. The Finance Committee has reviewed the bids and has awarded this insurance to the lowest bidder for one year, with the right reserved by the University to renew in the same company for an additional year. This report was received for record. HOSPITAL AND MEDICAL SERVICE INSURANCE (21) The University charges all students at Urbana-Champaign and in the Chicago Undergraduate Division who do not hold staff appointments a fee of $5.00 a semester for hospital and medical service. It is the practice of the Board to place this insurance with a commercial insurance company. The present insurance expires August 31, 1949. About a year ago at the request of several members of the staff I appointed a special committee to advise on a hospital and medical service insurance plan for the staff. This committee recommended that such a plan be set up, and its report was submitted to the Finance Committee of the Board for review. Acting on instructions of the Finance Committee, the Business Office has secured quotations from interested companies on plans of insurance providing for the following coverages: Student Plan A. Hospital Residence, $6.50 a day (present $5.00) up to twenty-eight days in one semester. B. Hospital Services, $32.50 in one semester (present $22.50). C. Physician's Indemnity, $3.00 a day for not more than two-thirds of the number of days of hospital residence, not exceeding $56.00 in one semester (same as at present). D. Surgical Benefits, per schedule, up to $225.00 for disability (same as at present). (Maximum total allowance in maternity cases, $55.00). Staff Plan A. Hospital Residence, $6.50 a day, up to thirty-one days of confinement. B. Hospital Services, $32.50 a confinement. C. Physicians Indemnity, $3.00 a day not exceeding $62.00 a hospital confinement. D. Surgical Benefits (same as student plan). (Maximum total allowance in maternity cases, $55.00). T h e special staff committee has recommended that two separate contracts be made, but that both contracts be with the same company. The low proposal under such an arrangement is submitted by the Continental Casualty Company, Chicago, through George Franks, Champaign broker, for estimated premiums of $221,507 for the Student Plan and $191,200 for the Staff Plan (anticipating 75 per cent participation), a grand total of $412,707. It is recommended that the plan be self-supporting and that the premiums charged be sufficient to cover the estimated administrative cost to the University. The premium charges would be as follows: Student Student only Student and his family Staff Plan Employee only Employee and one dependent Employee and two or more dependents Premium Charges a Year (12 months) #16 20 34 80 45 00 Plan Semester (19 weeks) $ 5 00 13 00 Year (12 months) #15 00 39 00
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