This new product will be distributed exclusively through the group’s US service company, based in Chicago, Illinois and is underwritten on an excess and surplus lines basis on behalf of the company’s Lloyd’s Syndicate 2987.
The product provides property and liability coverage including auto, educators legal liability, campus security activities and student practices liability in addition to workers compensation and crime coverage in a single all lines aggregate program with clash coverage provided as standard. Enhanced property and liability terrorism cover is also available.
In addition, colleges and universities will receive automatic access to a tailored web-based risk management system that provides online content and training modules which reflect their own unique risks. Provided by in2vate, this training platform known as TEAM (Train, Educate and Manage) allows risk management policies and procedures to be uploaded, EPLI and regulatory mandated training courses to be completed and accurate training records to be maintained.
Commenting on the product, Jeff Chasen, President of in2vate, “Brit Insurance’s renewed focus on the needs and desires of higher education has resulted in a significant advancement in the management of institutional risk.”
Addressing brokers and producers representing the Higher Education sector at the launch held at The University Club of Chicago on 26th April 2011, Nick Davies, Executive Vice President of Brit Insurance Services USA said: “We’ve specifically developed this new product to address the unique exposures of public and private colleges and universities. Its efficient blend of risk retention, risk management and risk transfer will allow the higher education community to unlock significant benefits, including access to our unique TEAM platform. We believe it’s a major enhancement for our production base over the traditional all lines aggregate package product that’s been available in this specialised sector to date.”
Source : Brit Insurance Press Release
