7.8.1 Property Insurance
All USG institutions shall participate in the self-insured State Insurance Plan, a section within the Fiscal Division of the Department of Administrative Services, to the fullest extent possible. For lines of insurance not available under the self-insured plan, USG institutions shall purchase additional coverages only when authorization to do so has been secured in advance from the State Insurance Plan.
7.8.2 Liability Insurance
Vehicles titled to the Board of Regents or vehicles on long-term lease arrangements and the drivers of those vehicles shall be insured by the State Insurance Plan.
The Board of Regents shall establish or participate in a program of self-insurance whereby employees of the Board, as defined by the self-insurance plan adopted by the Board, are insured against losses incurred in and arising out of, or in the course of, their employment. USG institutions shall bear the cost of the program as determined by the Board.
7.8.3 Fidelity Bond
A blanket position fidelity bond shall cover all employees in an amount which shall be determined from time to time by the Board of Regents. This bond shall be purchased through the State Insurance Program with the cost distributed to the various USG institutions. This coverage shall indemnify the Board of Regents from any loss it suffers from all acts of its employees that can be described as anything other than the full and faithful performance of the employee’s duty to the employer.