Accounting Procedures Handbook

22 INSURANCE PROGRAM RISK MANAGEMENT information, or to file a claim, contact the Human Resources Office. Final Payroll for Worker’s Compensation – On an annual basis, the RiskManager summarizes the actual payroll for the Board of Education for the preceding year. This information is used by MABE to calculate the Board’s insurance premiums. 6. Unemployment Compensation Insurance As provided by law, the Board provides Unemployment Compensation coverage for those employees who qualify. WCBOE has elected the “pay-as-you-go” method of funding our liability. The Board contracts with a firm to manage all claims. The Human Resources Specialist manages the contract. The Risk Manager reviews the quarterly billing from the Maryland Unemployment Division and submits to the Comptroller for approval. B. ANALYSIS OF INSURANCE ACCOUNTS RECEIVABLE The Risk Manager is responsible for performing an analysis of the Board’s insurance claim receivable account for payments awaiting insurance claim reimbursements. The Risk Manager maintains and updates an Excel spreadsheet, on a periodic basis, detailing the claims filed, closed claims, and open claims. The Risk Manager is responsible for tracking claim expenses related insurance proceeds, and reconciling the general ledger insurance claims receivable account balance. C. PERSONAL PROPERTY Individuals who choose to bring personal property onto Board premises should contact their insurance agent to be certain their property is properly insured. It may be desirable for personal property brought onto Board premises to carry a sticker that is prominently displayed and identifies the owner. The Board assumes no responsibility for any loss, theft, or damage to an individual's personal property brought onto Board premises, or Board-leased premises, even if the property is brought to the Board to be used in connection with their work. The Board carries no insurance to cover any of these losses.