Risk Management protects the assets of the College from loss, damage or destruction, thereby assuring the continued ability to operate and deliver services at the lowest possible cost.
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Through collaboration and consultation with faculty, staff and external business partners, the Office of Risk Management:
- Establishes and implements Risk Management policies and procedures by identifying and quantifying the College's exposures to accidental loss.
- Decides how to control and finance losses through a combination of insurance, self-insurance, risk avoidance, risk control, risk finance, and effective claims management of the losses that do occur in order to ensure the preservation of the physical, human and financial resources.
- Selects and directs insurance brokers, insurance carriers and other risk management service providers.
- Develops specifications for insurance quotations and negotiates with insurance carriers/brokers to purchase adequate coverage.
- Interprets and analyzes insurance policies, legal documents and reports pertaining to insurance, claims, loss exposure, and coverage.
- Ensures that insurance carriers correctly apply industry practices in claims management, claim reserves, contract law and other applicable regulations relating to property damage, general liability, auto liability and bodily injury.
- Manages claims for insured and uninsured losses.
- Assesses insurance audits and coordinates safety/loss prevention program.
- Develops and conducts internal training on risk management practices.
- Works with HR in overseeing the administration workers' compensation claims.
- Works closely with the College’s General Counsel to establish waivers/releases, contracts and consults with counsel on claims.
Contact Risk Management when:
- You have any question regarding insurance requirements, indemnification language in any contract, creating contracts, implementing changes to standing contracts or renewing contracts.
- You have a question on reporting an incident.
- Beginning a new program or begin to do business in another State or Country.
- Beginning a new sport or new club; increasing club membership; or changing club/athletic activities.
- Students travel to an international location outside of Babson Global Program Services.