Enterprise Risk Management

Risk is simply the possibility of something going wrong, resulting in a likely financial or physical loss.

Risk Management is a systematic process in which exposures/risks are identified, analyzed and mitigation plans developed.

UNCW ERM applies six categories of risk, for the purposes of risk management:

• Strategic
• Financial
• Operational
• Compliance
• Hazard
• Reputational

• Avoidance: Elimination of the risk in its entirety.
• Loss Control: Usage of safety techniques and precautions to reduce the risk exposure(s).
• Transfer of Risk: Contractually transferring the risk exposure to another source, usually in the form of insurance
• Assumption:
  • Full - Continuation of activity with full acceptance of all associated risk exposures.
  • Partial - Acceptance of a portion of the risk exposures by purchasing insurance with an applicable deductible.

University and state-owned vehicles are provided coverage through the State of North Carolina Motor Vehicle Insurance program. Coverage is provided by Travelers Insurance Company.

All state-owned (self-propelled) vehicles are required to be insured, at minimum, for motor vehicle liability as part of any motorist's financial responsibility in society and our State.

University departments and colleges have the option to also insure their vehicles for full physical damage coverage (commonly known as the combination of collision and comprehensive coverage). For passenger vans, Medical Payments coverage is also available.

There is a premium charge for physical damage coverage. Please contact us if you have any questions regarding vehicle coverage.

Key important reminders:

• Report vehicle accidents as soon as possible to your supervisor and by noon of the next business day following the accident. Report facts, do not offer opinions, and avoid assigning blame until any claim investigation is completed.
• Only persons on the University payroll can drive state-owned vehicles and leased vehicles when in the name of the University. There are important insurance coverage reasons for this.

If you have purchased a new vehicle or received one from another department, please fill out the new vehicle insurance request.

For additional information concerning insurance and loss control, including the below topics, please contact  insurance@uncw.edu.

Insurance

Acquisition of Newly Required Insurance

• Application
• Premiums

General Information

• Policy Providers
• Coverage Overviews

Insurance Verifications

• Automobile
• Employee Liability
• Internships
• General Liability

Policy Renewals

• Audits
• Premiums

Certificates of Insurance

Special Programs and Summer Camps

Loss Control

• Accident Investigation (Automobile, General Liability & Property Damage)
  • Student or Visitor
  • UNCW Employees
  • Contracted Workers
• Hazard Assessments
  • Slip, Trip and Fall

Forms

• Fireworks
• General Events
• General Liability
• Property Insurance
• Tents
• Vehicle Changes