The Consortium exists as a risk sharing pool formed by the Florida College District Boards of Trustees under a mutual agreement. Florida Statutes allow the creation of a Consortium by the college system to develop a cooperative system of risk management under one comprehensive, statewide plan.
At its primary level, the FCSRMC is a collection of participating member institutions of the Florida College System. In terms of day to day operations, the FCSRMC is administered by a staff of insurance and risk management professionals dedicated to delivering comprehensive and innovative enterprise-wide risk management services and solutions to support the educational mission of the Florida College System.
FCSRMC staff administer programs to help our member institutions recognize, treat, and embrace risks and opportunities that arise as a natural part of the business of higher education.
FCSRMC staff directly serves participating member institutions of the State College System and indirectly serves the faculty, staff, parents, and students of those member institutions, by advancing sound risk management practices and services to help fulfill the academic mission of our member colleges.
By joining together, the participating member institutions are able to reap the benefits of collective purchasing power to provide a stronger, more cost-effective risk management program than any one institution could procure on its own. In addition, the central administration of the FCSRMC allows for a cross-pollination of risk management programs and ideas that mutually benefits all members of the FCSRMC.
This is a program authorized by the Florida Legislature, which allows the Florida College System in the state of Florida to join together to develop and implement a statewide cooperative system of risk management under one comprehensive plan. This is accomplished using the Florida College Sytem Risk Management Consortium.
The term “Florida College System Risk Management Consortium” includes all participating colleges and is hereinafter referred to as the “Consortium”.
The Consortium is created by mutual agreement of the Board of Trustees of the Florida College System. As a participating member, the colleges agree to comply with the policies and procedures and other directives as may be issued by the Risk Management Council (Council of Presidents), which is the Consortium supervising authority.
The Florida Legislature has provided authority for the Florida College Sytem to participate in programs of self-insurance.
F.S. 440.38 provides authority for self-insuring workers’ compensation
F.S. 111.072 provides authority for self-insuring liability issues
F.S. 1001.64(27) provides authority for self-insuring property
F.S. 112.08 provides authority to self-insure health and life programs
The benefits of the self-insured program for general liability center around F.S. 768.28, which addresses the issue of limited waiver of sovereign immunity.
Funds collected from participating colleges by the Consortium, will be utilized to provide the necessary loss funds, administrative services and purchase of excess insurance to cover a catastrophe or series of catastrophes.
Protection is provided against civil actions, loss or damage to property owned or controlled, casualty losses, workers’ compensation and such other protection as mutually agreed upon.
The benefits provided by the Consortium are for the continued well being and safety of Consortium members, the protection of property and to minimize the cost of the program to each college.
Consortium Services Include:
Learn about Enterprise Risk Management principles and how the Consortium is working to foster a culture where Everyone is a Risk Manager.
At FCSRMC we believe “Everyone is a Risk Manager” ERM…Each one has the opportunity to impact Risk, either positively or negatively.
Risk management is an increasingly important business driver and stakeholders have become much more concerned about risk.
Risk may be:
An enterprise-wide approach to risk management enables an organization to consider the potential impact of all types of risks on all processes, activities, stakeholders, products and services.
Find answers to all of your questions about the Consortium, Benefits, and Property & Casualty plans.