Financial Affairs

Risk Management & Insurance

Welcome! The Office of Financial Affairs coordinates the University’s insurance program and together with the Office of General Counsel administers the risk management program. Our mission is to support the University’s educational goals and objectives by minimizing the risk of loss, financial, or otherwise through the protection of University resources which include employee, students, visitors, and property, thus reducing/minimizing long-term liabilities to the University.

What is Risk Management?

Risk Management is the collaborative process of identifying and evaluating the risks associated with activities and operations of an organization and developing a means to control, reduce, or eliminate those risks, as well as safeguard the University, including its faculty, students, staff, and constituents. Common risks include but are not limited to: natural disasters, illnesses, injury, and loss of property resulting from unsafe practices and conditions. Hofstra University attempts to eliminate or control these risks through hazard identification and correction, accident prevention, training, installation of life safety systems in buildings, fire protection systems, crime prevention, and other measures.

What are the different methods used to manage risk?

The University can use different strategies for managing the risk including:

  • Avoidance – Avoiding the risk by discontinuing the activity that generates it
  • Mitigation – Reducing the likelihood and impact of a risk (e.g., loss control programs)
  • Transfer – Shifting ownership of risk to a third party (e.g., insurance and contracting)
  • Acceptance – Retaining the risk (e.g., self-insurance)

How is Risk Management accomplished?

Risk management strategies are developed in concert with stakeholders who understand the risks and are best able to manage them. On an individual level, risk management is the effort by each employee to make the fullest use of her or his personal capabilities to eliminate or reduce hazards in her or his work environment. The means by which Risk Management is accomplished includes, but is not limited to:

  • Evaluating and identifying risks on an ongoing basis
  • Establishing policies, procedures, and programs
  • Providing "best practices" in areas of risk
  • Procuring, managing, and coordinating the various aspects of the University insurance programs
  • Training and educating University departments on insurance and claims reporting requirements
  • Providing advice regarding risk within programming, including on and off-campus activities
  • Reviewing contracts to ensure appropriate insurance and protective clauses are included

Insurance

The primary goal of insurance is to appropriately transfer risk through the purchase of insurance products, or through a contractual risk transfer. The Office of Financial Affairs is responsible for selecting insurance carriers and insurance brokers, analyzing and procuring appropriate policy limits, and scripting policy language that best fits the coverage needs of Hofstra University. When the University experiences an event, the Office of Financial Affairs assists the department(s) with reporting and managing the claim to conclusion.

Certificate of Insurance required by Hofstra University

A Certificate of Insurance is a document that shows proof of insurance coverage. Contractors, suppliers, or other outside parties who will be performing work for or services to Hofstra University, or using University facilities are required to provide evidence of insurance.

All certificates should contain the provision that the insurance shall not be canceled for any reason, except after thirty (30) days written notice and indicate the nature of work being performed or goods/services being furnished. Failure to furnish may result in work not being permitted to commence.

All Certificates of Insurance should include the following information:

  • Additional Insured Language – Hofstra University and all its Trustees, Officers, Directors, Employees, Agents, and Representatives including its managing agent, are included as Additional Insured as required by written contract
  • Cancellation Note – 30 days' written notice of cancellation shall be given to Certificate Holder
  • Certificate Holder – Hofstra University, 1000 Fulton Avenue, Hempstead, NY 11549

Insurance Requirements

To view our standard insurance requirements, visit Insurance Requirements. Actual required limits may vary depending on the nature of the activity(ies) associated to the contract, agreement, or purchase order with Hofstra University. For questions about insurance requirements relating to the services, engagement, supplies, or other activity you wish to pursue, please email Risk.Management@Hofstra.edu.

Requests for Certificate of Insurance

Should an entity need a Certificate of Insurance from the University, requests should be submitted in writing at least two weeks prior to the date the certificate is needed and must include an executed copy of the contract. The certificate request and contract can be emailed to Risk.Management@Hofstra.edu.

Resources

Health Insurance

Hofstra University currently brokers student health insurance through Arthur J. Gallaher & Co. Information about student health coverage can be found at the Student Affairs' Student Health Services website, International Student Affairs' Health and Accident Insurance website, and Gallagher's Student Health Insurance website.

Tuition Refund Plan

Hofstra University has coordinated coverage with A.W.G. Dewar, Inc. to offer a Tuition Refund Plan to our students and parents for use when a student suffers a serious illness or accident and must leave the University before the semester concluded. This is an elective insurance program designed to minimize the financial portion of losses incurred. For more details about this plan, visit the Bursar's Tuition Refund Plan website.

Personal Property

It is important for students to protect their personal property (stereos, cameras, calculators, personal computers, books, and furniture). It is recommended that students have personal property insurance as the University does not provide insurance coverage for these items.

There are several options for obtaining personal property insurance.Some students may have coverage under their family's homeowner's or renter's insurance. It is also possible to purchase insurance for student-owned property direct from an insurance agent.

Students are advised to be pro-active to reduce the frustration and inconvenience resulting either from theft or damage caused by unanticipated accidents. For computers, the best way to minimize disruption is to maintain regular backups of critical data. These backups should not be kept in the same location as the computer. A loss due to a water leak, for example, could potentially damage both the computer and the backup.Students should keep an inventory of their property, complete with serial numbers, to prove ownership in the event they need to file a claim with an insurance company.

International Travel Insurance (Students)

Visit the International Travel Insurance tab above for more information.

Hofstra students, faculty, and administrators travel abroad for University-related purposes including business, research, education, and program development. International travel may pose significant health and safety risks, and for this reason, Risk Management & Insurance encourages travelers to carefully plan for trips prior to departure. Preparation for travel should take into consideration government travel advisories, University policies and program materials, health insurance including medical and security evacuation, and country-specific requirements.

Those traveling abroad for Hofstra-related purposes may be eligible to receive international travel insurance benefits. This is not major medical coverage, so it is important that you review your private insurance to see if global coverage is included and decide what type of coverage best fits your health situation.

Hofstra has partnered with Chubb Insurance for international travel insurance.

What is included in my coverage?

In addition to any of the global benefits that your private insurance may cover, Hofstra’s international travel insurance will cover emergencies or accidents that occur overseas. Illnesses are also covered, along with medical evacuation, security evacuation, limited personal property coverage, and 24/7 travel assistance. The 24/7 travel assistance provider through Chubb Insurance is called AXA Assistance, which responds to critical medical or safety emergencies and can help resolve non-critical day-to-day travel problems while traveling outside of the U.S. on Hofstra-related purposes.

How does it work?

The Chubb Insurance international travel plan is enrollment-based coverage. As such, you must individually be registered for each trip and country you will be visiting. If you have not received an enrollment notification email or you are changing your travel plans (e.g., destinations, dates), please contact your trip administrator or the Risk Management & Insurance office.

While traveling abroad, be prepared to pay up front costs for medical visits and file a claim to be reimbursed. Keep all receipts and any copies of medical bills and proof of payment that you receive, to submit them for review by Chubb Insurance. If any portion of the claim is not approved for coverage through the University’s coverage, you should then work directly with your primary insurer to submit the claim separately for potential reimbursement.

For more details about the coverage, important contact information, and how the program works, please refer to the Summary of Benefits.

Other Traveler Resources

Hofstra University maintains workers' compensation insurance, in compliance with New York State law, for all eligible employees who suffer work-related injury or illness.

For more information about Hofstra's workers' compensation policy, visit the Office of Human Resources' Employment Policies website or call the Office of Human Resources at 516-463-6859.

Contact Us

David Crawford
Senior Director of Business Affairs & Risk Management
516-463-6613
David.Crawford@hofstra.edu

General Inbox
Risk.Management@Hofstra.edu