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Introducing our latest School Insurance Guide 2018-2019

Schools face a wide range of unique risks and threats that are often different from the typical risks faced by companies and corporations. These hazards include things like damage to costly teaching equipment, cyber attacks, group travel accidents, kidnap and ransom, and many more.

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The reasons why both private and public schools are especially prone to different types of risks are multifaceted. First of all, schools nowadays tend to engage in numerous potentially dangerous outdoor activities, such as long-haul travel and extra-curricular sports activities. Secondly, many modern schools are outfitted with expensive, advanced technological instructional equipment. Any damage/loss of such equipment might inflict a devastating impact on the balance sheets of even the most financially robust educational institutions.

Therefore, alongside risk management measures, it is crucial for schools to secure proper school insurance solutions to safeguard themselves against potential risks. The solutions can be bespoke and comprise of different types of coverage, such as property, school liability, and business interruption.

Given the complex nature and flexibility of school insurance solutions, our team of experts have curated our latest School Insurance Guide 2018-2019 to answer the most commonly asked questions as it pertains to school insurance solutions such as:

  • What is school insurance?
  • Why should schools purchase insurance?
  • What should management teams consider when securing school insurance?
  • Which coverage types are essential for schools?
  • Which coverage types are optional for schools?
  • What is the process of securing school insurance through a broker?

In this feature by Pacific Prime Dubai, we will provide a brief overview of the nature of school insurance, the essential insurance policies schools should acquire, and how to identify the right school insurance.

What is school insurance?

School insurance is a collective term that refers to the assorted kinds of insurance plans available to protect schools against potential losses and risks. The exact coverage benefits of school insurance varies from policy to policy, and might protect students, administrators, faculty, volunteers, facilities, and other key stakeholders.

Which coverages are essential for schools?

While different schools have their own specific needs and requirements, some insurance plans are essential for safeguarding the daily operations of schools.

Property Insurance

This form of insurance safeguards the school’s buildings and contents within against losses or damages caused by an insured ‘peril’, such as fire, flooding, storm, and vandalism. It is important because serious property damage can completely shut down a school’s operations. Another point to note is that the management should ensure the benefit limits are enough to cover the potential financial risks involved in losing school buildings and/or equipment.

Public liability insurance

This solution protects the Board of Management against legal liabilities caused by bodily injury to third parties (except employees) and damage to their property. For instance, it covers bodily injury to pupils that occur during a school trip (e.g. on a shuttle bus). However, please note that this sort of policy usually comes with an excess (the amount schools will need to pay out of pocket towards all claims).

Business interruption insurance

This covers financial loss caused by untoward events that interrupt the daily operations of schools, and pays out for things like staff salaries, or the rent of another building should the school’s original premises require maintenance after a hazardous event.

Worker’s compensation and employer’s liability insurance

Worker’s compensation covers the medical costs and loss of salary arising from occupational illnesses or accidents during the course of employment.

Employer’s liability insurance, on the other hand, covers the liability of employers for injuries, illnesses, and death at the workplace.

Schools should assess their risks and seek assistance from professional insurers or brokers to determine the optimal coverage limit.

Professional indemnity

This covers losses in the event that employees fail to adequately carry out their duties. Professional indemnity coverage includes the costs of mounting a legal defence, and any compensation awarded to claimants.

Directors & Officers’ liability insurance

This type of insurance protects school management (i.e. directors, officers, trustees and board members) against legal liability caused by anything from fraud, alleged blunders, to misconduct.

Cyber insurance

Cyber insurance protects schools against cyber extortion, forensics, and notification costs to customers (e.g. students and parents) following a breach. This type of insurance policy is imperative given the large amounts of sensitive information stored in school computers.

Which coverages are optional for schools?

Other good-to-have but comparatively less essential insurance coverages include money insurance, machinery breakdown insurance, crime insurance, group travel insurance, group personal accident insurance, kidnap and ransom insurance, and erection/construction insurance.

For more details on these insurance solutions, you can get a free copy of our School Insurance Guide 2018-2019 here.

What’s the best way to identify the right school insurance?

Indeed, it’s hard to digest so much information and make a sound decision without engaging the assistance of a professional intermediary. Here’s how a broker can help you secure the right school insurance in four steps.

1. Initial needs assessment and analysis

Your broker will first evaluate and analyze your school’s insurance needs, including key assets, liabilities, as well as exposures through an onsite visit and school tour. They will ask a range of questions pertaining to school facilities, staff, environment, assets, operations, activities and other aspects to conduct a more comprehensive analysis.

2. Plan consideration

An expert broker will then narrow down a list of providers and plans that best meet your educational institution’s needs.

3. Plan review

After deciding on the plan, you can review your options. This step is divided into two key processes:

  • Your broker will rigorously benchmark the right insurers to deliver the best value and options.
  • They will work with you to clarify your needs, and review the proposals submitted by insurers.

4. Plan implementation

The insurer will commence coverage in a timely manner, and maintain effective communications among all relevant parties.

How Pacific Prime can help

In a nutshell, a professional, independent broker can most certainly streamline and simplify your insurance processes.

With almost two decades of experience and nine offices around the world, Pacific Prime Dubai excels in selecting, identifying, implementing and managing insurance solutions for private and international schools throughout the Asia Pacific and the Middle East. Our team of experts are always on hand to match you with the most optimal solutions on the market. Contact us today and get a free quote and plan comparison!

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Content Creator at Pacific Prime Dubai
Anthony Chan is a content writer at Pacific Prime. He’s responsible for writing, translating, and editing articles, guides, infographics, leaflets, as well as other resources for Pacific Prime and Kwiksure.

When he’s not working, he’s usually on the hunt for great restaurants, playing badminton, and writing screenplays.
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