Many specialist insurance schemes exist for Schools and Universities, however the landscape is changing with the liability assumed in charging fees seemingly widening year by year.
The very extensive risks faced in the education sector will be understood by those working in the profession. Apart from the obvious insurance risks for property, Employers and Public liability, special attention must be given to legal protection around “abuse” extensions, Libel claims, Health care extensions, EPL (Employment Disputes), school trips,and indemnity for the Governors.
Schools often “build-out”, requiring Contract Works insurance. And they will almost all routinely arrange overseas trips for pupils and students, creating a requirement for travel and personal accident insurance, often deemed specialist classes for schools. A close working relationship with a knowledgeable Broker (adviser) is definitely more relevant to this sector than many others as a lot more client interaction can be expected.
It’s important to compare technical offerings and quotes from these insurers. And this is what we do, adding and amending cover to suit the institution.
Information
Abuse, Security
Risk Mitigation
Risk solutions are not all about insurance or loss control – indeed the vital “DNA” of the business may be acceptance of an unmitigated and uninsured risk.
Other risks can be easily controlled with a little work and assistance – thus reducing insurance cost, or avoiding the need for insurance at all.
Insurance is just a means of transferring unmitigated risk to another party. To keep insurance cost controlled mitigation opportunities should always be examined first.
Howard Pearson
There are a host of mitigation experts out there from cyber risk to fire engineering and we have created a network of these to bring the best to bear on your behalf. The more generic – like Health and Safety – can often be provided at a “no or low” cost due to insurers buying power.
Considerations:
- Health and Safety
- Fire Engineering
- Physical Security
- Cyber Risk Assessment
- Contract Reviews
- Continuity Plans
- Disaster Plans
- Supply Chain audits
- Pandemic Recovery plans
Accidental Injury to Pupils
Supply Staff Cover
Trustee Personal Protection
Professional Indemnity
Historic Buildings
School trip insurance
Claims Management
An insurance policy is only as good as the claim payment. Some claims however can be complex and protracted particularly liability claims.
Early notifications using the excellent claims notification services provided by insurers can often hugely reduce cost and disruption. On occasions however you will require guidance both from us as brokers, and from other professionals such as loss adjusters or lawyers.- and Innovation Broking have an arrangement with some tried and tested specialists to act on your behalf. For more information visit our claims page.
Unfortunately insurers have less expertise on the street to deal with complex claims than ever before – and this makes the role of the broker in delivering the correct expertise to you even more relevant.
Howard Pearson
It is possible to “pre book” the services of your own specialist loss adjuster working for you rather than for the insurers on larger property and interruption losses for a small additional charge. The current pressures many insurers are under to control claims costs makes this a very prudent purchase.
Commercial Insurance
The traditional risks of a business can normally be grouped under a “commercial insurance package” which combine a number of standard covers for assets, revenue interruption, cash, employers liability, public and product liability, and legal expenses. This grouping controls cost and enables very wide policy wordings and “add on covers” to be obtained easily and efficiently.
“In 40% of claims the business interruption interruption sum insured was too low by a factor of on average 45%”
Chartered Institute of Loss Adjuster’s Report, 2012
Whilst commercial policies are seen by many as straightforward they are far from this, often running to more than 100 pages of print. Particular attention needs to be paid to, inter alia:
- Basis of valuing assets
- Revenue sum insured calculation
- Supply chain dependencies
- Adequate business description
- Insurers standard security conditions
