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School Insurance Cover
Protecting schools, learners and teachers
The complexity of school insurance cover has increased because of the wide range of risks which have become almost common-place in today’s world.
Protecting schools, learners and teachers has become a hugely specialised field and has grown quite substantially over the past decade or so – these factors have been influenced by inflation, the growth of the population, changes in the legislation, climate change and an increase in crime that is prevalent in the world around us both locally and globally.
Where To Begin With School Insurance:
- Building insurance cover and estimates are best provided by an insurance broker or agent.
- It is a good idea to get at least three commercial insurers to assess your school’s needs and requirements to give you an estimate of the premium for an all-risk insurance package.
- Rates are usually calculated on what kind of establishment you run – in this instance it will be a place of education.
- You will require schools assets insurance, learners medical personal accident insurance (PA), medical expenses cover, accidental death cover, teachers benefits, permanent disability cover, school fees remission cover – to name but a few of these packages.
The schools insurance market has to be a flexible, ground-breaking product to incorporate the huge variety of needs.
Rates are usually calculated on the kind of business you own – in this instance it would be a school, and the risks that are associated with the business, its location and the total value of the assets you wish to cover.
The underwriter’s role:
- When your business is specific it is advisable to find an insurer who can offer the services of an underwriter.
- Underwriters are trained to evaluate and accept risks, control them, determine rates for policies based on those risks and set cover conditions.
- An underwriter will not only be able to prepare an estimate that reflects the uniqueness of your business but may also save you money at the end of the day.
Hints to guesstimate the replacement of goods:
- You need to verify at least once a year what it will cost to replace you assets – this is best done through an asset register.
- It needs to be based on a new-for-old basis.
- When it comes to replacing cars and vehicles, motor insurance is usually based on the market value of the car and needs to be adjusted regularly – this is usually on a quarterly basis.
Never over-estimate or underestimate your school insurance:
- If you over-estimate the value of items you will be paying a higher premium than is necessary as the sum insured has a huge influence on your monthly premiums.
- On the other hand, under-insuring will means that your claim will be affected by the average which means you will lose out as you will be paid out proportionally.