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Caption: Board of Trustees Minutes - 1952
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716 BOARD OF TRUSTEES [May 18 Chicago Undergraduate Division, and they pay a fee of $5.00 P e r semester for such protection. It is optional for members of the staff. The present contract will expire in September, 1951. The benefits paid by this Company under the student program during 1949-1950 were 88 per cent of the premiums collected. The benefits paid under the staff program equalled the premiums collected in 1949-1950, and for the first six months of 1950-1951 were 98 per cent of the premiums collected. In view of these high loss ratios, it is unlikely that any lower premium rates will be secured by advertising at this time for new bids; on the contrary, if bids are invited the recent loss experience may result in higher rates. The service given by Continental Casualty Company has been very good and it is willing to continue writing this insurance for an additional two-year period under the present contract. The Finance Committee of the Board of Trustees recommends continuance of the contract with the Continental Casualty Company for the biennium of 1951-1953. On motion of Mr. Fornof, the renewal of this contract was authorized. CONTRACTS FOR FIRE A N D EXTENDED COVERAGE INSURANCE ON CONTENTS O F T H E ILL1NI U N I O N BOOKSTORE, CHAMPAIGN Mr. Fornof, for the Finance Committee, also presented the following: The University has contracts with the Glens Falls Fire Insurance Company, J. W. Montgomery, Urbana, representative, and the Liberty Mutual Insurance Company, Oren Lane, Peoria, representative, covering the contents of the Mini Union Bookstore. The insurance is in the provisional amount of $200,000 subject to monthly reporting of inventory values. The contracts were based on bids received and awarded to lowest bidders for one year, the University reserving the right to renew with the same companies for an additional year. In accordance with the policy of the Board of dividing insurance between stock and mutual companies, 75 per cent of the coverage is provided by the Glens Falls Fire Insurance Company and 25 per cent by the Liberty Mutual Insurance Company. There has been no revision in insurance rates during the past year applicable to this risk, and it is unlikely that competitive bids taken at this time would result in any lower premium for the coming year which will be $2,001. The Finance Committee of the Board, therefore, recommends that this insurance be renewed with the present companies for an additional year. On motion of Mr. Fornof, the renewal of this insurance, as recommended, was authorized. STATE BOARD OF HIGHER EDUCATION At this point, Mr. Herrick asked that consideration be given by the Board to Senate Bill 620 introduced in the Sixty-seventh General Assembly of Illinois on May 17, 1951, which would create a State Board of Higher Education, a board of nine members to be appointed by the Governor, to succeed to all of the rights, powers, and duties now vested by law in the Board of Trustees of the University of Illinois, in the Teachers' College Board, and in the Board of Trustees of the Southern Illinois University. Statements were made by Messrs. Herrick, Nickell, Fornof, Megran, and Livingston expressing opposition to such legislation on the grounds that it is contrary to the best interests of the state and of the University. Mr. Nickell stated that in his observation appointed boards of education at all levels lack the independence necessary to discharging their responsibilities effectively and in the best interests of the public, whereas elected boards have better records of service in such respects. Other Trustees spoke along the same lines.
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