Purpose | To ensure consistent, knowledgeable and suitably skilled management of the Monash University Insurance Program.
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Scope | All campuses, centres and controlled entities except Malaysia
All members of the Monash University community |
Policy Statement | The sole authority for purchasing and managing Monash University's insurance program with the exception of Workers Compensation and International Medical Assistance Network (IMAN) insurance is vested in the delegated officers of the Vice President, Finance.
All insurance policies must be placed by the University's appointed brokers via the Insurance Services Office. Evidence of insurance will be provided in the form of Certificates of Currency issued by the University's insurance brokers. If required the University will note the interests of another party on the University's General and Products Liability policy in respect of a particular agreement, however the University's insurers will not note other parties as joint-insureds.
The University and its insurers will not agree to:
- notify third parties of amendments to/cancellation of the University's insurance policies
- provide cover in excess of current year/run-off cover
- waive subrogation rights
- provide liability coverage that goes beyond the University's negligence
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Supporting procedures | Motor Vehicle Claims (Australia)
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Responsibility for implementation | Vice President, Finance
Divisional Director, Financial Resources Management
Manager, Insurance Services |
Status | New |
Key Stakeholders | Faculties
Controlled Entities
Monash Residential Services
Monash Sport
Human Resources (Expatriate Health Plan)
Monash South Africa
Monash Solicitors
Staff |
Approval body | Name: Strategy and Resources Committee
Meeting: 01/2008
Date: 07-February-2008
Agenda item: 8.2
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Endorsement body | Name: Vice President, Finance
Meeting: 03/2007
Date: 13-March-2007
Agenda item: 1
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Definitions | Joint Insureds: Where a party external to Monash seeks to obtain the protection offered by the University's insurance policy by being named as an Insured party on the policy (usually in respect of a particular contract or agreement.) Subrogation: Is the statutory or legal right of an insurer to recover from a third party who is wholly or partially responsible for a loss paid by the insurer under the terms of the policy. Run-Off Cover: Run-off cover is arranged when an organisation sells a business, discontinues a product line or operation. Run- off cover provides for liabilities that may occur in the future that arose from negligent acts of the Insured which occurred prior to the sale or product/operation discontinuation and which the Insured was unaware of at the time of sale or product/operation discontinuation. |
Related legislation |
- Insurance Contracts Act 1984
- Insurance act 1973
- Trade Practices Act 1974
- Corporations Act 2001
- Financial Services Reform Act
- Medical Indemnity (Prudential Supervision and Product Standards) Act 2003
- National Health Act 1953
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Related policies | Contractors
Paid Outside Work |
Related documents | Delegated Officers and Responsibilities
Risk Retention Strategy
Liability Wordings
Contribution to insurance costs |
Date Effective | 07-February-2008 |
Review Date | 01-August-2010 |
Owner | Divisional Director, Financial Resources Management |
Author | Manager, Insurance Services |
Contact Person | finpol@adm.monash.edu.au |
