Organizations are facing increased costs and declining revenue as a result of the current economic environment. For organizations that maintain full service contracts with original equipment manufacturers, there are significant opportunities to consolidate contracts, improve cash flow, and reduce costs. By consolidating equipment service and repair under one program, we put companies in control of their costs, program administration, and delivery of services. Our approach blends a self-managed deductible with a stop loss contract that guarantees a minimum annual savings, and a maximum cap on annual expenditures. Any portion of the deductible that is not spent equates to additional savings.
Comprehensive equipment service and repair program that puts you in charge of your equipment maintenance spending.
Self Insured Retention or First Dollar Programs will generate 15%-30% savings over full service contracts.
Retain your current vendors, and/or be reimbursed for in house staff providing maintenance and repairs.
Online access to all service and repair information in real time.
Equipment procurement and engineering support is included.
Healthcare and Hospitals, Higher Education, Municipalities and Schools, Real Estate Portfolios, Banking and Financial Institutions and Manufacturing to name a few.
Bryan Marks or Peter Koppisch at 973-744-8500
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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?
- A fire rages through a fraternity house on college campus injuring several students.
- A portion of an arena collapses during a college basketball game and dozens of attendees are trapped beneath the rubble
- A bus transporting a school’s field hockey team is involved in a serious accident, killing several team members
- A series of assaults occurs on campus; police are unable to apprehend the perpetrator
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.
- Funerals or related services
- Psychiatric counseling, grief counseling or similar professional services
- Travel expenses for injured persons and their families
- Compensation for loss of damage to personal property of others
- Private security or investigation services
- Public relations
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.