Memorandum of Coverage - public

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 Schools Protection Program (SPP) which covers the sixty (60) public school districts.  SPP is an actuarially-sound program of self-insurance with a credit rating being the same as the BC Government’s provided by Standard and Poor’s located at: http://www.fin.gov.bc.ca/PT/DMB/creditrating.htm.  SPP 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.  SPP clients no longer need to request general liability certificates of insurance as a MoC is now available here.  A list of SPP Covered Entities is included as Schedule A of the MoC.

Recipients of MoC - Please review the Frequently Asked Questions for further information.