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Announcing the release of our latest School Insurance Guide
Thailand is home to thousands of private and international schools. While they are the perfect place to receive a premium education, they are also vulnerable to a vast array of risks and hazards due to the special nature of their business. These potential risks can potentially hamper their reputation, operations, financial health, and ability to educate pupils. Just imagine a group of pupils going on a long-haul international trip – there are countless ways things can go wrong.
Therefore, alongside excellent management, risk assessment, and emergency planning, it is paramount for schools to have a comprehensive insurance solution in place to safeguard themselves, as well as the stakeholders, against the myriad of potential threats.
In light of this, our professional team of advisors here at Pacific Prime Thailand have leveraged their expertise in the industry to prepare the latest School Insurance Guide 2018-2019; a welcome addition to our collection of helpful insurance guides, for your perusal. Get a free copy for yourself now to gain valuable insights from our experienced specialists.
No worries if you haven’t got the time to read the full guide yet. In this feature, we will provide you with a brief overview of some key issues covered by the guide, including:
- What exactly is school insurance?
- Which are the most essential policies that schools need?
- Which additional policies should schools consider?
What exactly is school insurance?
School insurance is a collective term that covers the diverse kinds of insurance plans designed to safeguard schools against potential losses and risks. The specialized coverage provided by these plans range from monetary losses, cyber attacks, and business interruption to employee liability, and basically every other way in which schools might suffer a loss.
What are the most essential policies that schools will need?
While each school has its own specific needs and requirements, there are some insurance solutions that all schools should have in order to tackle the fundamental, common risks.
Property insurance
This form of insurance covers the school’s buildings, and the contents within them, in the event of unforeseen damage/loss caused by an insured ‘peril’. While the details of property insurance vary between plans, they usually cover damages or losses caused by fire, explosions, storms, floods, theft, accidental damage, vandalism, etc.
You should check carefully to ensure that the benefit limit is adequate enough to safeguard against the potential financial loss. This is because some particularly severe property damage (e.g. fire damage) can bring the entirety of a school’s operations to a halt.
Public liability insurance
The Board of Management may have to bear legal liabilities for any accidental bodily injury to third parties or/and damage to their property. As such, it is in the school’s best interest to purchase public liability insurance ahead of time, which usually includes coverage for liability to students, liabilities arising from a school’s diversified activities like shuttle bus arrangements, and more.
Business interruption insurance
Should there be a disaster at a school, business interruption insurance can be used to cover resulting financial losses. One example of such financial losses is the rental of temporary school buildings that are needed while repair work is in progress.
Worker’s compensation
Normal company insurance protects the health of their staff members. School insurance is no exception. Worker’s compensation covers the cost of medical care and loss of salary caused by occupational illness/accidents during the course of employment.
Employer’s liability insurance
If there is any bodily injury, illness, or death that arises in the workplace, and an employee decides to file a lawsuit against the school, such as lodging a compensation claim, employer’s liability insurance can cover the compensation amount and related legal expenses.
Professional indemnity
In contrast, professional indemnity insurance protects schools against losses caused by the failure of employees to carry out their duties adequately. For instance, if a teacher fails to monitor their class, which leads to a pupil getting hurt and the pupil’s parents decide to sue the school, the insurance company will pay out on the compensation, as well as the legal charges.
Directors & Officers’ liability insurance
Directors, officers, trustees, and board members are the management of the school. Since they are responsible for enacting school policies and making major decisions, they also face a broad range of potential lawsuits. This type of insurance can protect them from legal liability costs.
What additional policies should schools consider?
We will briefly introduce some extra policies that private and international schools may
require, depending on their individual situations.
Machinery breakdown insurance
Whether it’s lab equipment, computers, gym facilities, or air conditioners, there are many expensive, state-of-the-art pieces of equipment at a school. Now commonplace items like high-tech interactive whiteboards can even cost over USD$5,000 each. Machinery breakdown insurance can cover the cost of repairing or replacing such equipment.
Money insurance
Money insurance protects your school against damage to or loss of money stored within school premises or in transit, which usually occurs due to robbery, theft, or other unforeseen events.
Group travel insurance
If any of your school’s classes take trips overseas, it is essential to purchase group travel insurance to cover any unexpected medical emergencies or other travel-related mishaps. Just like other kinds of health insurance, group travel insurance automatically excludes any pre-existing conditions.
Kidnap & ransom insurance
International school students are primary victims of child abduction, as their parents can be High Net Worth individuals, or will at least be thought of as such. Kidnap & ransom plans cover costs associated with kidnapping, hijacking, or wrongful detainment.
Contact Pacific Prime – an experienced school insurance broker
Priding ourselves on our almost two decades of solid experience and nine offices around the world, Pacific Prime Thailand has been providing insurance solutions to a large portfolio of private and international school clients. With our unbiased stance and extensive industry knowledge as a broker, we can offer useful advice and match you with the optimal insurance plans for your needs. Talk to us now to get a free quote and plan comparison! Don’t forget to download our School Insurance Guide 2018-2019!
When he’s not working, he’s usually on the hunt for great restaurants, playing badminton, and writing screenplays.
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