Types of international school insurance in Dubai
You are reading this article because you want to know more about private and international school insurance solutions in Dubai. Educational institutions can face a potentially large pool of risks that can threaten their operations, which is why seeking the appropriate insurance solutions to protect themselves is advisable.
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For a comprehensive overview of all essential and recommended insurance plans for international and private schools, we encourage you to download Pacific Prime’s latest School Insurance Guide 2018 – 2019. In this complimentary guide, you will find answers to the most common questions asked by HR teams and management when searching for international school insurance in Dubai.
In this article, Pacific Prime Dubai will present the essential and most common international school insurance solutions, and also explain why other extra plans are recommended for private and international schools in Dubai to obtain.
Why does your educational institution specifically need international school insurance?
Schools, arguably more so than other businesses, can suffer losses due to unexpected events such as natural disasters, theft, cyber attack, or other unfortunate incidents that happen to third parties or employees at the school’s premises. All these examples threaten the school’s reputation, operations, and in effect the school’s ability to perform their core service: teaching their pupils. Inability to teach will quickly have a detrimental impact on a school’s financial stability, and in the worst case scenario lead to bankruptcy.
International school insurance plans are specifically designed to protect schools from unfortunate events that are most likely to happen to schools. We realize that every school’s needs are different, but we have also identified a number of international school insurance solutions that are essential and act as a necessary layer of protection, that we recommend every school to obtain. On top of the must-have-coverage, our expert team of insurance advisors has prepared a list of additional recommended plans that schools may require depending on their needs.
Essential international school insurance plans
The essential insurance plans for private and international schools offer coverage for the most common events that may cause damage to your institution. The solutions in this list include:
Property insurance
Covers all risks related to physical loss or damage to school property, such as fire, storm, flood, water damage, vandalism, theft, and accidental damage to insured items/buildings.
Business interruption
This type of insurance covers loss of revenue and/or increased cost caused by events that interrupt the day-to-day operations of the school.
Cyber insurance
Nowadays, cyber insurance is a must-have solution that covers the costs associated with cyber extortion, forensics, data breach, and theft, among others. Some plans may include funds necessary for schools to continue their operation until their systems are repaired.
Public liability insurance
This plan compensates the school for claims made against it by third parties (not employees) for injury, death, or damage to their property when the school is negligent.
Worker’s compensation and employer’s liability insurance
In the UAE, as in many other countries, this type of insurance is obligatory. It covers the school’s cost in a situation where an employee suffers injury, disease, or death in the workplace, and the school is proven to be at fault.
Professional indemnity
This form of insurance covers you in a situation where you are unable to provide your core service – i.e. you are unable to teach. This might happen due to many reasons such as negligent acts, loss of documents, or error/omission.
Directors & Officers’ liability insurance
This covers legal liability for damages, costs, and expenses associated with wrongful acts committed, attempted, or allegedly committed by any director/officer of the school in carrying out their duties.
Each school will have their individual insurance needs, but the plans listed above are among the most essential products that we at Pacific Prime Dubai recommend every school to obtain.
Recommended international school insurance solutions
The recommended international school insurance solutions do not have to apply to every school since every school’s needs are different. However, these plans show that even the most complex and unusual events or cases can be insured, giving the school’s management team peace of mind at all times. These solutions can include, but are not limited to:
- Money insurance – protects the physical money that is stored or carried by school employees on school premises or while in transit.
- Machinery breakdown insurance – covers the costs of repairing/replacing school equipment (such as air conditioners, gym facilities or computers).
- Crime insurance – safeguards schools against employee dishonesty that might result in theft, fraud, and other crimes.
- Group travel insurance – covers emergency medical and other travel related costs during school trips abroad.
- Group personal accident insurance – protects staff and students in the event of accidental injury and deliberate assault.
- Kidnap & ransom insurance – in some parts of the world, kidnapping is a real threat, especially if your students come from high net worth families. This insurance covers the costs associated with kidnapping, hijacking, and similar actions against students.
- Erection/construction insurance – covers costs associated with damages/losses to school property during construction work. It also offers third party liability for accidental bodily injury or property damage arising from construction.
These supplementary solutions can be useful if your business is involved in the activities connected to these specific types of insurance. And, while usually it’s better to be safe than sorry, you might not necessarily need all of these additional international school insurance plans, but some might come in handy (e.g. crime insurance or group personal accident insurance).
Why should you consider securing international school insurance through a broker?
Securing international school insurance is a big project, and by working with an experienced insurance broker, such as Pacific Prime Dubai, you can expect multiple benefits from that arrangement. Let’s take a look at the advantages of seeking help from a broker vs going directly to an insurer:
- An expert team will help you identify your insurance needs.
- An insurance broker will advise you on the sums and benefits, and the most competitive premiums for your international school insurance package.
- You can compare and choose between many different insurers and plans.
- A reputed broker then will help you negotiate the best benefits and premiums with the insurer.
- A good broker will go a step further and help you implement the plan. Examples of our value-added services include (but are not limited to):
– Simplification of the application process
– Employee and management orientation and Q&A sessions
– Contract assistance
– Service team introductions
Pacific Prime Dubai at your service
If you’d like to learn more about your private and international school insurance options, the first thing to do is to download our School Insurance Guide 2018-2019 and gain access to easily digestible information about school insurance. In there, you’ll find out more about the essential and recommended international school insurance solutions, and the most practical reasons behind obtaining them.
If you’re ready to talk about your options with a specialist, contact us today, and our insurance advisors will assist you step by step in the process of securing school insurance for your institution.
When she isn’t writing, you are most likely to find Elwira in search of the perfect plant-based burger or enjoying Hong Kong’s great outdoors either at the beach or from the boat - the closer to the sea, the better!
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