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Volume 11 Number 6, June 2008

Finance

Reminder: Deadlines and Schedules for Submitting Payroll

The Division of Finance maintains Payroll Schedules and Calendars on its website. Check there for information about pay periods, when checks are distributed, etc. The June and July calendars are currently available.


Risk Management: New Process for Certificates of Insurance Effective July 1, 2008

Effective July 1, 2008, the University is implementing a change in the way we respond to requests for certificates of insurance. Vendors and other certificate requesters will now be able to obtain insurance information online, and view and print copies of Memorandums of Insurance (MOI) at any time. This ability not only provides you with more accurate and timely information, it also helps to streamline the process and lessen the amount of time and resources involved for all parties. Certificate requests will no longer need to be sent to the Office of Risk Management.

The online MOI will serve as evidence that Yale has purchased insurance protection from financially sound insurers. This online service is provided through Yale’s insurance broker, Marsh. As such, requesters will be asked to read and agree to the terms and conditions of service from Marsh prior to printing or viewing Yale’s MOI.

As of July 1st, vendors that ask for “proof of insurance” should be directed to the Office of Risk Management website. From there, they will be directed to click the MOI link.

Please note that we will no longer be issuing hard copy paper certificates of insurance except in instances where the coverage and/or limits shown on the MOI do not meet the requirements of written agreements or contracts. Current Certificate Holders who expect a renewal certificate of insurance in the mail will instead be sent a letter explaining how they can now access the MOI through this new process.

Excluded from this new process is general liability and medical malpractice liability coverage for the Yale School of Medicine, School of Nursing, University Health Services, or any other medical service-related departments, as that coverage is not placed through the Office of Risk Management. Certificates of Insurance Requests for liability coverage only must be obtained by the Office of Legal Affairs and Risk Management at Yale New Haven Hospital. They can be reached at (203) 688-2291. Proof of all other lines of coverage (property insurance, automobile liability insurance, workers’ compensation insurance, etc.) for those schools and department areas can be obtained via use of the MOI link.

There will be a contact person from Marsh listed on the Memorandum web site once it goes live on July 1, 2008. That contact person will be available to assist those visiting the MOI website. If you have any questions regarding this new process and/or how it may affect the needs of your department, please contact Vicki Ramsay at 2-8258, or at victoria.ramsay@yale.edu