The University of Hawaii will conduct a feasibility study to determine the viability of establishing and operating an owner-controlled insurance program.

The study was approved by the UH Board of Regents.

Such a program would provide an array of insurance coverage for contractors and subcontractors working on designated construction projects throughout the university system.

The university said Thursday that $482 million in construction should be taking place within the next two years.

University officials say the system could possibly realize $5 million to $10 million in savings if it implements the program.

It would provide workers' compensation, employers' liability, general liability, excess liability and builders' risk insurance.