Sec. 4-602. Property and Casualty Insurance.
The University shall carry general property and casualty insurance to cover the following risks:
With respect to said property, casualty and crime risks, the University may retain up to a maximum loss per occurrence of $150,000 and up to a maximum annual loss of $500,000 within the applicable insurance coverage, except as otherwise provided in this subpart. The University may terminate any insurance coverage where the risk no longer exists. Participation by the University in the Michigan Higher Education Risk-Sharing Facility to cover any of the risks identified in this section shall be deemed compliance with this section as to the risks covered by such participation.
With respect to said worker's compensation risks, the University shall provide workers' compensation benefits for its employees as prescribed by law. With respect to the provision of such benefits, the University may retain up to a maximum loss per occurrence of $300,000 within the applicable insurance coverage with a one-year maximum aggregate of $800,000. Excess workers' compensation insurance shall be maintained to provide for the coverage of claims in excess of the per-occurrence limits.