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Cornell University

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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.

Cornell Insurance Program (CIP)

Insurance Cost Allocation

Allocating insurance Costs for policies purchased for the benefit of the entire University among Cornell Departments, Enterprises, and other cost responsibility centers is a major function of the Risk Management & Insurance Department. Costs are allocated based on risk exposure measured by building square feet, land areas, building replacement values, number of employees, content values, building types, content types, number of vehicles, vehicles types, and loss experience.

The Cost Allocation Program is designed to conform to the guidelines of fairness, cost effectiveness, and departmental incentive laid down by the Insurance Cost Allocation Committee of the Controller’s Support Group. Departments are billed once a year for their portion of the Cornell Insurance Program (CIP) cost. Policies which are purchased directly for the benefit of one department are billed directly to that department, since the risk insured is not shared with any other Cornell Unit.

Departments should examine their invoices closely to make sure all Cornell assets which are entrusted to the department are included on their invoice. In the event of an accident, Departments may be held responsible for buildings and their contents if the department fails to insure the property through the CIP. Logic should dictate that only if you inform the insurance company of your assets and pay a premium to protect those assets will the insurance company pay in the event of a loss. Likewise, the Department of Risk Management and Insurance should be informed of the disposal of property so the department can avoid the Insurance charges associated with the property.

All Risk Program

The University offers Units a protection program for portable property against theft or other “all risk” perils under the separately run “All Risk Program.”

“All Risk” coverage is not automatically granted. Units desiring this coverage must register items with the Office Risk Management & Insurance and pay a separate premium. Values should be assigned for scheduled items based on “replacement costs.” Units may not make a profit on this protection, therefore it is up to them to be certain correct “replacement cost” values are reported.

The Office of Risk Management and Insurance may require that a unit request a loss prevention survey from the Crime prevention Unit of Cornell Police before granting all risk coverage on high value property. Such surveys are performed at no cost to the requesting unit. The Office of Risk Management and Insurance normally requires surveys when the risk of loss appears great due to a history of losses at a location.

Coverage for Employee Personal Property

Personal property of employees can be covered under the optional “All Risk” Program, if:

  • The property or equipment is being used for the sole or primary benefit of Cornell; and
  • The property or equipment is housed inside Cornell owned or controlled premises; and
  • Doing so does not result in abuse of the privilege.

Cornell has no obligation to insure the personal property of its employees; this is an accommodation and the granting of such coverage may be terminated or declined at our discretion.

This coverage will not apply if an employee removes the equipment or item(s) from Cornell owned or controlled premises, whether to take the property home or on a field or research trip or for any other reason, without prior consent of the Office of Risk Management & Insurance. An additional premium may be charged for use at additional locations.

We will not cover non-work related employee personal property under any circumstances.

For more information, contact Tina O’Shea, Office of Risk Management and Insurance Administrative and Accounts Assistant.

Student Insurance

Cornell University does not provide insurance coverage for student’s personal property if it is damaged or stolen during their time at Cornell. Students should look to their parent’s homeowners insurance policy or purchase a separate policy of their own providing coverage for their personal property.

Contact the Office of Student Health Benefits regarding any questions related to the Student Health Insurance program.

Student Personal Property Insurance is available to protect student possessions worldwide from covered causes of loss. The insurance is offered by Arthur J. Gallagher & Co. Cornell University does not receive any compensation or consideration for making this available to Cornell Students. It is strongly recommended that students have insurance protection for their personal belongings.

See Student Tuition Insurance for information regarding the elective tuition refund plan.

International Travel Insurance

See Travel Insurance Certificate Letter and other insurance coverage information

GeoBlue Health Insurance for Exchange Visitors

US Government regulations mandate that all exchange visitors (J1 visa holders) and their dependents (J2) have health and accident insurance in order to participate in Cornell’s Exchange Visitor Program. In addition, federal regulations prohibit an extension of J1 status beyond the dates on the DS-2019 form without insurance for yourself and family members.

Cornell has a health insurance plan that many international scholars with academic appointments may join. Eligibility depends on the conditions of your appointment. Please check with your university department’s human resources or hiring manager.  Additional information can also be found at Cornell’s Benefits website. If you do not qualify for Cornell insurance, the university has negotiated a health insurance plan with GeoBlue, that exceeds the Department of State minimum requirements and is accepted by Ithaca area medical providers.  Please be aware that there are limitations and exclusions for any insurance policy.

It is important to remember that in the United States certain kinds of elective medical care, such as eyeglasses or dentistry are ordinarily not covered by insurance and can be very expensive. Exchange Visitors may wish to consider taking care of dental and eye needs before leaving home.

Surety Bonds

The Office of Risk Management and Insurance is responsible for the procurement of all Surety Bonds executed by the University. A surety bond, although issued by an insurance company, is not insurance because it provides no contractual transfer of risk from the University to the bonding company. Instead, a surety bond is a financial guarantee of a potential University obligation to a third party. The University procures surety bonds for a variety of activities and operations (e.g. Education requirements, , License Bond, Restoration Bond, Appeal Bond, etc.).

When a surety bond is required for a University sanctioned activity or operation the bond application form must be provided to Risk Management along with written verification from a Cornell  manager that its procurement has been approved. Risk Management will secure the bond from Cornell surety, have it executed by the appropriate signatory , and return the fully executed bond to the person responsible for the submission to the party requiring the bond.

Please contact the Office of Risk Management & Insurance with any questions at (607) 254-1575 or risk_mgmt@cornell.edu