Repository: UIHistories Project: Board of Trustees Minutes - 1974 Version B [PAGE 37]

EXTRACTED TEXT FROM PAGE:

1972]

UNIVERSITY OF ILLINOIS

29

And Be It Further Resolved, That the secretary or any other officer of this corporation is authorized and directed to deliver to said Bank specimen signatures of the officers or employees of this corporation heretofore and herein authorized to sign in behalf of this corporation. And Be It Further Resolved, That said Bank shall rely upon the genuineness of said signatures so certified. And Be It Further Resolved that all prior resolutions heretofore adopted by this corporation authorizing the maintenance of its accounts and the transaction of its business with said Bank, be and the same hereby are revoked and cancelled. And Be It Further Resolved that the Secretary or any other officer of this corporation, is hereby authorized and directed to certify a copy of these resolutions and the names of its officers and such other employees as may be authorized to act in its behalf, to said Bank and said Bank is hereby authorized to rely and act upon such resolutions and certificate until formally advised by a like certificate of any changes therein.

On motion of Mr. Swain, the foregoing resolution was adopted.

PURCHASE OF LIABILITY INSURANCE

(36) Bids have been received for renewal of public liability insurance policies covering all University operations including automobile, general, and professional liability. The insurance company currently providing this coverage, the Hartford Insurance Group, has declined to continue the policy, at present rates, beyond August 1, 1972. The quotations on automobile liability insurance are rejected and have not been considered in the award. The implied intent of Public Act 77-472, Seventyseventh General Assembly, is to centralize the purchase of automobile liability insurance under contracts purchased by the State of Illinois through the Department of General Services. Bids were requested on the same limits of liability as the current contract. Personal Injury: $ 500 000 per person 1 000 000 per occurrence Property Damage: $ 500 000 per occurrence (subject to franchise deductible of $200) Quotations were requested on two rating methods for the determination of premiums: 1. Guaranteed Cost Plan — the annual premium is determined on a specific rate per student. The loss experience during the policy year does not debit or credit the premium for the current year. 2, Retrospective Rating Plan D — the policy provides for payment of an annual premium (Standard Premium) with a provision for a credit (Minimum Premium) or a debit (Maximum Premium) based upon the incurred losses. The exact premium determination is deferred until a final disposition of incurred claims has been made. Two bids were received: GUARANTEED RETROSPECTIVE RATING COST PLAN PLAN Rate Estimated per Annual Minimum Standard Maximum Student Premium Premium Premium Premium 1. Continental Insurance Company; agent: R. L. Dunne & Company, Chicago, IL. —NoQuote— $183 805 $297 109 $358 422 2. Insurance Company of North America; agent: McManus & Pellouchoud, Inc., Chicago, IL. $4.95 $272 052 —No Quote —