18 January 2019 
Emma Keenan, Procurement Specialist
Those procurement professionals who also manage insurance for their institution might be interested to hear about the Universities Mutual Association Limited (UMAL). UMAL operates differently to commercial insurance firms by collecting ‘contributions’ (as opposed to premiums) from its Members and then retains a significant element of risk, primarily for attritional or predictable losses. The Association then buys reinsurance to protect its Members in excess of this retention, enabling it to pool risks and obtain significant purchasing advantages, in respect of both cover and pricing. Its commercial insurers/reinsurers provide identical cover to that given to Members by UMAL.
As the Mutual is owned by its members (strictly Universities and Higher and Further Education Colleges and Institutions) the Teckal Exemption applies, those interested in buying from UMAL do not need to follow the usual OJEU route. For existing UMAL members there is a range of new free training events throughout the country. Each day will cover topics including risk and insurance, legal principles, types of cover and claims. To find out when a session is being held in your area and reserve your place please contact Georgie Wilson.
You can find out more at on the UMAL website or you can contact the new UMAL chief executive at Paul Cusiton or 0207 847 8672
