The Insurance team also works to raise awareness across MIT about proper risk identification assessment, loss mitigation, risk transfer, training, controls, and planning resources.
The Office of Insurance purchases insurance coverage to protect MIT against catastrophic loss. The decision-making process is guided by the following considerations:
- statutory requirements
- MIT’s financial ability to retain various levels of risk
- MIT and industry loss experience
- market condition evaluation
- benchmarking among peer institutions
- advice from industry experts
Services for the Institute’s departments, labs, and centers (DLCs) include communicating the scope of MIT’s coverages, appropriate claims reporting and handling, and advice on risk mitigation activities.