Legislative History:
Approved by UEC: March 24, 2004; Approved by the Board 2004/04/26: Date Effective: 2004/04/26; revision approved by the Board 2008/03/03; revisions approved by the Board of Governors April 29, 2025.
Approval Authority: Board of Governors
1. Insurance and Risk Management
1.1 The placement of insurance is an integral part of York University’s framework for the responsible management of its risks and to protect the institution from financial losses.
2. Objectives of Insurance and Operational Risk Management Program
2.1. The University establishes and maintains an insurance and operational risk management program that:
a. underwrites the risk of damage to its physical and digital assets and protects against third party legal liabilities;
b. proactively reduces the potential for loss to property and physical assets;
c. minimizes exposure of its officers, directors, employees and students to a wide range of liabilities; and
d. protects its reputation.
3. Scope of Insurance Coverage
3.1 The University maintains insurance coverage which is appropriate within the context of its enterprise risk management framework and is suitable for the size and operational parameters of the University. This insurance program protects against potential of liability and damage which would have a significant impact on:
a. its assets and financial status;
b. the safety and well being of its faculty, staff and students;
c. its ability to carry out its academic mission; and
d. its reputation.
4. Authority
4.1. The Vice-President Finance and Administration shall have the responsibility for the oversight of the University’s insurance program and for the creation of guidelines, policies and procedures pursuant to this policy.
5. Monitoring and Reporting
5.1. The Vice-President Finance and Administration shall report annually on the University’s insurance coverage and risk management activities to the Finance and Audit Committee of the Board of Governors.
6. Implementation
6.1. The Assistant Vice-President Finance shall be responsible for the assessment, placement and management of the University’s insurance requirements.