Vehicles Rented, Leased or Chartered
FIN-INS-06
About This Policy
- Effective Date:
- 06-21-2007
- Date of Last Review/Update:
- 05-19-2023
- Responsible University Office:
- Office of Insurance, Loss Control and Claims
- Responsible University Administrator:
- Vice President and Chief Financial Officer
- Policy Contact:
Kutina England
Director, INLOCC
kudavis@iu.edu
- Policy Feedback:
- If you have comments or questions about this policy, let us know with the policy feedback form.
Policy Statement
When vehicles are rented, leased, or chartered for university-related business the provisions of this policy must be followed so that university assets are protected.
Reason for Policy
The use of vehicles is one of the greatest liability exposures faced by the university; therefore, this risk should be shifted to the vendors to the extent possible to protect university assets.
Procedures
Renting, leasing, or chartering means of public conveyance like buses, other than rental vehicles available through National or Enterprise Rent-a-Car Services, is contingent upon the vendor having acceptable insurance coverage.
- A certificate of insurance must be mailed, faxed, or emailed to and approved by the Office of Insurance, Loss Control & Claims (INLOCC) before the trip takes place. (Smith Research 110, 2805 E. 10th St, Bloomington, IN 47408, Facsimile: 812-855-9320, or INLOCC@iu.edu)
- The Trustees of Indiana University must be named as an "additional insured."
- The certificate holder must be The Trustees of Indiana University c/o the above address.
- The certificate must show at least 30 days advance notice of cancellation.
- The minimum amount of coverage for general liability per each occurrence is $1 million.
- For buses, the minimum amount of coverage for auto liability per accident is $5 million.
- For other vehicles, the minimum amount of coverage for auto liability per accident is $1 million.
- Contracts must be reviewed by INLOCC and signed by the Treasurer (or designee).
Sanctions
Failure to follow this policy will result in the withdrawal of permission to rent, lease, or charter vehicles on behalf of the university.
History
This policy was established on June 21, 2007 and updated on December 8, 2021.
A substantive review of the policy was conducted by the Office of Insurance, Loss Control & Claims in May 2023 with no revisions made to the policy.