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Insurance Requirements Updated for RFPs and Contracts

Ohio University Enterprise Risk Management & Insurance in collaboration with the IUC-RMIC (Risk Management & Insurance Consortium) have updated the Recommended Insurance Requirements for new RFPs and Contracts.  These requirements can be found here on the Risk Management webpage.  Some significant changes for new contracts and renewals only:  Employers’ Liability has increased from $500K to $1M, and the Cyber Liability (for contracts with service providers who have access to credit card information, student or employee records, health records, or any other Personally Identifiable or Protected Health Information) has risen from $1M to $5M.  While the increase for the Employers’ Liability was not a surprise, the Cyber Liability requirement reflects the negative impact the pandemic has had on the industry.  Significant increases in SEF (Social Engineering Fraud, e.g., phishing), cryptocurrency mining, ransomware attacks, and other cyber incidents have resulted in significant increases in premiums for this type of insurance coverage.  Please refer to the Resources tab on the Human Resources webpage for more information. 

Questions?  Please contact Larry Wines at insurance@ohio.edu or wines@ohio.edu.