5.16 Risk Management and Insurance

Board Policies
Chapter 5 - Administration

Access a PDF copy of this policy

Part 1. Policy Statement. It is the policy of the Board of Trustees that the system office, colleges, and universities will obtain property and casualty insurance as appropriate either through the State's Risk Management Program and/or other authorized and applicable programs.

Part 2. Responsibilities. The chancellor for the system office and the presidents for the colleges and universities are responsible for effectively managing risks in order to conserve and manage the assets of the system office, colleges and universities and minimize the adverse impacts of risks or losses.

Part 3. Accountability/Reporting. The Board of Trustees will be updated on an exception-based reporting system on the risk management and insurance coverage's of the system office, colleges, and universities.

Related Documents:

State of Minnesota - Risk Management website

To view any of the following related statutes, go to the Revisor's Office website. You can conduct a search from this site by typing in the statute number.

  • Minnesota Statute 3.732, Settlement of Claims
  • Minnesota Statute 3.736, Tort Claims
  • Minnesota Statute 4.65B, Automobile Insurance
  • Minnesota Statute 5.176, Workers Compensation
  • Minnesota Statute 16B.85, Risk Management
  • Laws of Minnesota Chapter 574

Policy History:

Date of Adoption: 06/21/00,
Date of Implementation: 06/21/00,

Date & Subject of Revisions:

11/16/11 - Effective 1/1/12, the Board of Trustees amends all board policies to change the term "Office of the Chancellor" to "system office," and to make necessary related grammatical changes.

06/18/03 - changes "system office" to "office of the chancellor", eliminated periodically updating to the Board to an exception-based reporting system; updated website for risk management

There is no additional HISTORY for policy 5.16.