Accepting & Financing Risk
Indemnities are a way of accepting financial consequences for loss. Risk financing is a means to pay for the financial consequences after a loss occurred, and can take the form of insurance, self-insurance or financial assurance.
The B.C. government's Risk Management Branch is responsible for the review and approval of indemnities granted by government and by the provincial public sector. It is also the organization responsible for purchasing insurance on behalf of all ministries, Crown corporations, health authorities, public educational institutions and various government agencies in British Columbia and for developing alternative risk financing programs that may include self-insurance.
Ministry and other provincial public sector staff can contact the Risk Management Branch for:
- Assistance with insurance questions including the purchase of insurance
- Advice on insurance types, amounts and related contract language
- Advice on financial assurances such as letters of credit and surety bonds
- Help with conducting risk assessments related to government programs or procurements
- Review and approval of indemnities granted by government and government corporations
Ministry staff can learn more about indemnity approvals from the Risk Management Branch intranet (B.C. government only).