Concept of Risk Management
The Risk Management, in conjunction with the Department of Safety and Health, promotes
protection and safety of the University's employees, students, patients and visitors.
Preservation and protection of assets essential to the continued operation of the
University is accomplished through a combination of risk control and risk financing
including commercially insured and self insured programs.
University Risk Management Activities
The University's property and liability insurance programs are administered through The University of Toledo's Office of Risk Management.
- Protects University assets by identifying and managing exposures to loss.
- Administers the University commercial property and casualty insurance program, including underwriting activity of the professional liability self insured insurance program for both staff, students, residents and faculty physicians.
- Communicates with faculty and staff on various aspects of risk management as part of an ongoing loss prevention/control program.
- Produces reports which summarize the claim history of the University.
- Maintains the University's historical insurance data, records, and claims files.
Risk Management, an insurance and quality-control related discipline, collaborates with other University departments to minimize adverse effects of loss on the University's human, physical, and financial assets.
Goals and Objectives
The Risk Management ensures that:
- The institution takes cost efficient steps to minimize the risk of financial impact as a result of loss to or destruction of assets.
- Identified risks have been insured, self insured, assumed under a non-insurance procedure, abated as much as possible, or eliminated.
- Claims have been adjusted in accordance with contractual agreements in a timely fashion.
- A standard method for setting real and personal property values has been established and implemented.
Risk Management will:
- Conduct surveys of facilities to assess exposures, advise management on potential sources of loss, and recommend corrective action to minimize loss potential.
- Reduce loss to University assets through investigation and evaluation of reported incidents and claims, including investigation of a serious incident within 48 hours of notification.
- Review contract proposals with respect to issues involving risk management and insurance and develop cost effective methods to control exposures and loss.
- Implement healthcare risk control measures to improve patient safety.