Vehicle Insurance
Iowa Board of Regents Motor Vehicle Self-Insurance Program
Financial Accounting and Reporting Services serves as fiscal agent for the Board of Regents Motor Vehicle Self-Insurance Program. The program was initiated in 1988. It self insures approximately 1,476 over the road vehicles owned by the five institutions governed by the Board of Regents.
Risk-based premiums are charged. IBSSS, ISD and UNI are assessed lower premiums than the U of I and ISU because they have fewer accidents.
The fund covers the first $250,000 of an occurrence for bodily injury and property damage resulting from motor vehicle accidents where the Regents driver was at fault. The program includes coverage for comprehensive and collision damage to Regents vehicles subject to a $500 deductible per loss. Rented vehicles are also covered.
The fund contracts with the Department of Administrative Services for claims administration and the Attorney General’s Office for legal assistance.
The State of Iowa has agreed to pay the portion of any claim that exceeds $250,000.
Mark Fober, Accounting Manager-Financial Operations, prepares quarterly and annual financial reports for the fund. He also supplies historical information for annual actuarial studies.