Oregon Revised Statutes Education and Culture § 352.171

The governing board of a public university listed in ORS 352.002 may cause the buildings, structures or projects referred to in ORS 352.157 and 352.163 and the equipment and furnishings therein and the appurtenances thereto to be insured against fire and other hazards in such sums as will protect the holders of the outstanding bonds issued to finance the cost thereof. Such insurance shall be in lieu of that afforded by the Insurance Fund, without right of insurers, in the event of loss, to subrogation to or contribution from said fund.