Michigan University Self-Insurance Corporation
- Comprises 11 of the 13 four-year public institutions in Michigan.
- Incorporated in 1987.
- Cooperative risk financing facility.
- Mechanism for identifying loss trends and developing solutions unique to the university setting.
- Organizational structure.
How it works
- Universities fund the first layer of loss in the form of retention or deductible.
- Michigan University Self-Insurance Corporation funds the second layer of loss and buys excess insurance to cover the member institutions from catastrophic losses.
- We get a better deal on excess premiums through group purchases.
- With no losses, we get paid premiums returned in the form of a dividend.
- Equity also accumulates so that investment income can offset both current losses and future premiums.
Goals of Michigan University Self-Insurance Corporation
- Broad coverage.
- Cost stability and reduced cost.
- More control.
Who is covered
- The institution and the governing board.
- Employees when they are acting within the scope of their duties.
- Volunteers and students when they either perform services or become engaged in activities on behalf of the institution.
Other coverages (non-Michigan University Self-Insurance Corporation programs)
- Aircraft hull/liability premises
- Automobile physical damage/liability*
- Builders risk
- Directors and officers liability for the alliance
- Directors and officers liability for Cistercian Publications
- Directors and officers liability for Paper Technology
- Directors and officers liability for the Western Michigan University Foundation
- Excess workers compensation
- Foreign coverage (general liability)*
- General liability for the Maritime Studies (soon to be canceled)
- General liability for the Western Michigan University Foundation
- Government entity bond
- Health center and related health specialties general/professional
- Inland marine insurance coverage (equipment insurance)
- Liability premises*
- Multimedia professional liability (broadcasters and publishers liability)
- Non-owned aircraft liability*
- Professional/general liability for the alliance
- Professional/general liability for the Center for Disability Services
- Travel accident
- Underground storage tank
- U.S. postal bond
*Group purchase with other Michigan University Self-Insurance Corporation universities.