The University is a participant in a Risk Retention Group sponsored by numerous other universities. The policy provides coverage for liability claims for losses other than bodily injury and property damage arising from many kinds of so called "wrongful acts" by the University or its employees ("insureds" or "included entities"). "Wrongful acts" include such occurrences as errors, misstatements, or acts, omissions, or the neglect or breach of duty which gives rise to a legal obligation to pay damages to an injured party. This insurance policy also contains a deductible amount of $1 million.
Insureds include: Trustees, Directors, Officers, Administrators, Faculty, Student Teachers, Professional Staff, Employees, volunteer workers or members of committees formed by the University while acting within the scope of their duties on behalf of the University.
Included Entities include: The University of Akron, The University of Akron - Wayne College and The University of Akron Foundation.
This policy does not cover all wrongful acts. Some of the excluded items are, but not limited to: fraud or dishonesty, knowing violation of statute or governmental regulation or ordinance by the insured, pollution by the insured, fiduciary activities, claims arising out of collective bargaining agreements, any act involving asbestos, performing or failing to perform any professional services other than education or teaching of students, bodily injury, physical injury of tangible property, assault or battery or nuclear reaction.
The types of insurance policies, limits, deductibles, coverage, and exclusions described within this document are subject to change without notice. Any questions that may arise concerning the policies, what is covered, or the limits should be directed to the Office of Risk Management.