Cornell is vitally interested in the protection and conservation of its assets—human, physical, and financial. The purchase of traditional forms of Insurance to cover the property, liability, automobile, travel, malpractice, surety and marine risks inherent in a major teaching and research institution is, in many cases, no longer economically feasible.
Cornell University currently protects assets through a sophisticated program run by the Office of Risk Management and Insurance. This program is called the Protected Self-Insurance Program (PSI). Under the program the University self-insures against normal and expected losses for a broad scope of property and third party liability losses.
The University purchases insurance for losses which are not normal or expected and losses which due to their size would severely impact the financial stability of Cornell, and thus, the educational and research mission of the University.