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• Policy Update: 6.1.1 Determine Minimum Insurance Requirements for Vendors

  Sep 8, 2023 12:15 pmTravelAccounting and BudgetingBuying and ContractsFY 24Paying PeoplePayments to the University

  The Office of the Vice President, Chief Financial Officer, and Comptroller announces the publication of an updated Business and Finance Policy 6.1.1 Determine Minimum Insurance Requirements for Vendors. This policy has updated risk tiers and insurance requirements for contracts regarding the sharing and transfer of personal or sensitive data with outside entities, hazardous materials, and vehicle charters.

  Highlights Include:

  • Clarifying the Tier 1 – High Risk Additional Insured Requirement
  • Contracts governing sharing or transferring personal/sensitive data (e.g., EU GDPR, HIPAA, FERPA, etc.) have moved from Medium to High Risk.
  • The Tier 1 and Tier 2 insurance requirement documents have been updated.

  Contact
  For questions about the updates to the policy, please contact:

  • Office of Risk Management: UnivRiskMgmt@uillinois.edu
  • Respective Purchasing Offices:
    • UIC Purchasing Office: uicpurchasing@uillinois.edu
    • UIS Purchasing Office: uispurchasing@uillinois.edu
    • UIUC Purchasing Office: uiucpurchasing@uillinois.edu
  • CFO Business and Finance Policy Office: obfspolicies@uillinois.edu