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Crisis Management Expense Insurance is designed to reimburse colleges, universities and other educational institutions for many voluntary expenses incurred because of covered occurrence that creates a crisis situation. The principal characteristic of these expenses is that they are not covered by other types of insurance included in their portfolio of insurance policies. As a business officer of a university, college or school, you must be aware of all the expenses an institution tragedy or crisis can engender.
Can your educational institution afford a crisis?
How will your educational institution pay the costs created by these or any other crisis? For some expenses, your customers will be compensated under your current portfolio of insurance policies. Unfortunately, other expenses will not be covered.
For example, most property insurance polices are designed to help the insured pay the cost to repair or replace property damaged by a covered cause of loss. However, these policies do not consider personal property owned by students to be covered property. Similarly, most general liability policies are designed to protect the insured against its legal liability for bodily injury or property damage sustained by third parties at an institution-sponsored or managed event. However, these policies do not respond to voluntary payments made by the institution to help injured parties or their families.
Crisis Management Expense Insurance can reimburse your institution for voluntary expenses like those listed here.
In the event of a crisis, these voluntary expenses may be difficult or impossible for an institution to afford without insurance. This policy provides limits of $1 million or more for your clients’ protection and enables them to respond more confidently to the needs of others in a crisis situation
Colleges, universities and independent schools have unique insurance needs derived from the great variety of risks and exposure they face. Finding the right balance of premiums, risk management, and insurance products is crucial to optimizing the financial stability of an educational institution. Our expertise in property and liability coverages for educational institutions and school districts, Employment Practices Liability coverage, Directors and Officers coverages and Workers Compensation programs has been demonstrated in our work with many of the region’s colleges and schools.
We also have designed unique products like our Crisis Management Expense Insurance, which addresses the voluntary costs schools and institutions incur after a tragedy – costs not covered even by comprehensive property and liability policies. Thinking about the nature of risk for educational institutions is the only way to accurately gauge the needs of each individual school. Through EPLI, D&O, Workers Comp, and a variety of other services, coverage can be achieved for any incident an institution might encounter.
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