Non-substantive Amendments*

Policy

It is the policy of the College to protect and preserve both the financial and physical assets of the College from fortuitous loss, and to provide students, employees, trustees and members of the general public with a safe and secure environment, all in a cost-effective manner. The College will take steps to identify potential sources of loss, and will prevent, reduce, mitigate and protect against loss through proactive programs, risk transfer and procurement of appropriate insurance coverage for expenses not covered by the State of New Jersey’s Risk Management program and the Tort Claims Act. (Under the State of New Jersey’s Tort Claims Act, the College and its employees are indemnified and defended by the State for tort liability, including directors’ and officers’ coverage, professional liability and medical malpractice.)

Reason for Policy

To set forth policies and procedures that protect and preserve both the financial and physical assets of the College from loss.

To Whom Does The Policy Apply

Ramapo College students, employees, trustees and members of the general public

Supplemental Resources

• Procedure 419: Risk Management
• NJ Tort Claims Act – NJSA 59:13-1 et seq.
• NJ Workers Compensation Act – NJSA 34:15-1 et seq.

Contacts

Office of the Controller
(201) 684-7117

The College will purchase insurance in such amounts and in specific areas as will provide adequate coverage against catastrophic loss where required by law or contractual agreement and when the degree of loss dictates the appropriateness of purchasing applicable insurance coverage.

Examples of such coverage include:

1. property insurance for buildings and contents as appropriate and financially feasible;
2. fidelity coverage;
3. accident coverage to safeguard students participating in intercollegiate athletics.

Consistent with the objective of protecting persons and protecting and preserving assets in a cost-effective manner, the College participates in the joint risk management program with the other state colleges and universities.

The College self-insures for workers’ compensation and first party auto comprehensive and collision losses, but may purchase excess coverage where appropriate as part of the College’s annual operating budget.