Keeping Insurance Records
Definitions
Records - Records are official and trustworthy documents used for accountability and transparency. Requirements for retaining records are mandated by federal and state laws and regulations. Insurance records consist of documentation related to the reduction of risk and the prevention of loss to the University's assets, including claims files and insurance policy files.
Working Documents - Working documents are unofficial yet trustworthy documents used to support business activities. Examples include copies of official records retained for your convenience or preliminary planning documents.
Temporary Documents - Temporary documents are transitory and not records or working documents. Examples include drafts, reference materials, and routine correspondence.
Business and Finance (Busfin) Responsibilities
Busfin retains insurance records according to the following:
- Insurance policy files 5 years after last date of possible claim
- Insurance claim files 5 years after close of claim
At the end of the retention period, Busfin destroys the records in a secure manner, provided all audits are complete and no litigation is pending or anticipated.
Unit Responsibilities
Your unit should retain working documents related to insurance for 3 years from last date of use for audit purposes. Temporary documents should be disposed of as soon as they are no longer needed.
For assistance, consult your unit Records Liaison or records contact, if you have one, or the Records and Information Management Services team.
Records and Information Management Services
Urbana - University Archives
Chicago - University Archives
Springfield - Archives/Special Collections
Last Updated: April 11, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2010