Can departments purchase insurance on their own without going through Risk Management Services?
NC General Statute 58-31-55 requires all insurance authorized for state agencies to be placed by the NC Department of Insurance. Therefore, it is improper for you to obtain insurance directly through private companies. Risk Management Services serves as the Universitys point of contact for all coverage requests made to the Department of Insurance or our broker. This process serves your interests in several ways. By purchasing as a single entity, the University benefits from economies of scale and has much greater bargaining power. And using our expertise, it assures that the proper insurance coverage is being purchased and that the premiums are paid in a timely fashion with no lapse in coverage. Finally, it relieves you of this administrative duty so you can focus on your specific educational missions.
