Insurance Programs and Standards

Little Chapel in the Woods

Risk Management manages a comprehensive insurance program for the university. Our goal is to find the best risk financing solution at the optimal cost to cover the university's risk exposures. If a department has a need to finance a risk due to a new or changing activity or asset, please reach out to us at Risk@twu.edu. Risk Management will review existing risk financing programs, obtaining additional insurance as necessary through TWU's contracted brokers. 

The following are some of our other most commonly requested services:

  • Provide Certificates of Insurance (COIs) for contracts and agreements
  • Review of insurance requirements for contracts and agreements
  • Performing claims investigations for losses incurred by the university
  • Submitting and managing insurance claims on behalf of the university 

Contract Insurance Requirements

Risk Management has developed a document detailing the insurance requirements for contracts (TWU Third Party Insurance Standards 5-2022). This document will be incorporated by reference in contract templates developed by the Office of General Counsel (OGC).

Most contracts will now need to be sent to Risk Management (Risk@TWU.edu) prior to sending them to Procurement Services or OGC. Refer to Procurement Services' Contract page for additional information about the contract routing process. Departments must obtain a Certificate of Insurance from vendors and forward it, the contract, and the Contract Routing Sheet (CRS) to Risk@TWU.edu. Risk Management will review the insurance, sign the CRS, and forward it to TWUContracts@TWU.edu

Not sure what a COI is? Generally, it is easiest to ask vendors to show the TWU Third Party Insurance Standards 5-2022 to their insurance broker as they will understand what we are asking for. However, below is one example of what a COI meeting TWU's requirements might look like:

Example COI

Please reach out to Risk Management for assistance with this process, or if you have any questions about TWU's insurance requirements.

 

Page last updated 4:08 PM, May 12, 2022