Memorandum of Coverage
The Risk Management Branch (RMB) of the Ministry of Finance in British Columbia has a mandate to be accountable for the effective management of risk to which the government or its funded agencies are exposed by virtue of their assets, programs and operations. RMB has multiple self-insurance programs that protect its funded agencies; one of which is the University, College and Institute Protection Program (UCIPP) which covers twenty-five (25) post-secondary institutions. The financial strength of the UCIPP actuarially sound program of self-insurance is equal to the BC Government’s, as expressed in the ratings received from the major rating agencies located at: https://www2.gov.bc.ca/gov/content/governments/finances/debt/credit-ratings. UCIPP is operated within the Insurance and Risk Management Account (IRMA) which is a special account established under the Financial Administration Act and controlled by RMB.
RMB’s Coverage Agreements are similar to policies provided by commercial insurance markets.
Effective April 1, 2018, RMB will no longer be issuing general liability certificates granting Additional Interest status. In lieu of single use certificates, a Memorandum of Coverage (MoC) has been issued which automatically grants Additional Interest status to a party when contractually required. UCIPP clients no longer need to request general liability certificates of insurance as a MoC is now available. A list of UCIPP Covered Entities is included as Schedule A of the MoC.
Recipients of the MoC - Please review the Frequently Asked Questions for further information.