Our Safe Spaces Need Insurance Too.

Learning institutions, schools and academic premises are believed to be some of the safest places to be in. Grooming and mentoring learners, as well as reigning them in from mischief, bad influences and imminent danger. However, what we often neglect to consider, is that, this perceived “safe space” also needs protection from all impending risks.

Children spend twelve years of their lives in the gated communities. The question is, who is taking care of this gated community? In some instances, these institutions and the structures have been around for close to, if not over 100 years; and we can only wonder what condition these schools are in. Maksure Risk Solutions understands and values the importance of sustainable learning structures, and encourages active insurance policies in schools. Our brokers work tirelessly advising institutions on the type/s of cover schools should take up; which are discussed below:

Building Cover

We certainly have schools whose building structures have been standing for over a century, this cover protects from any damage cause by insured perils (fire, lightning, explosion, earthquakes, the bursting or leaking pipes, acts of nature) to the structure of the building(s).

Office Contents

This cover is for movable office property such as office furniture, electrical equipment and documents inside the building.

Electronic Equipment

This covers all electronic equipment that belong to the school, used by the staff or learners.  All costs to repair or replace specified electronic equipment following an incident are covered under this section. As Maksure, we encourage schools to take this cover to project the many electrical gadgets that a learning institution uses on a daily basis throughout the year.

Accidental Damage

An accident is an unintended and unexpected event, and in some instances not directly caused by humans. The accidental damage policy covers against such sudden mishaps. Our brokers often discuss this cover and its benefits with clients so that in the event that one occurs, the school is covered.

Business Interruption

Business interruption can occur due to any number of factors, be it fire, damage to property, or any natural causes. A business interruption revenue cover aims to provide financial support to a school in two main ways: firstly, by paying the reduction in revenue, and; secondly, by paying the increased costs or additional expenditure the business will have to meet to keep the business operating.

A scenario where the hall or classroom burns down just before examinations commence will bring about a need to make alternative arrangements to secure facilities to accommodate the students. This policy would come in to pay for any such additional unexpected expenses.

Scholar Personal Accident

This provides financial compensation to an individual in case of accidental injury, death, medical or permanent disability. Insurance companies pay 100% compensation in the event of death. Families can use this indemnity to pay off liabilities (if there are any) or use the pay-out to maintain their lifestyle.

Public/ General Liability  

Public/ General liability insurance helps cover costly claims that can come up from the third party, such as injuries, property damage, reputation, mistakes made by any of the employees. As Maksure, we would strongly suggest clients to take this cover so that in the eventuality of incidents involving visiting schools where learners and teachers alike visit the client school be it for cultural or sporting visits, as an example, an something unfortunate happens.

Indemnity To the Principal

In a school set up, the principal is usually the end client.  An indemnity to the principal clause is used to protect the principal. Maksure advises that should a claim occur, a compensation can be made to the third party, who has suffered the loss- whether it is an injury or damage

SASRIA

Strikes and Riots are very common in South Africa. No one can forget about the infamous #FeesMustFall protest that took place in 2016. As a result of that incidence, there was immense loss and damage to numerous learning institutions, costs running in the millions of rands to replace. This cover protects you from losses suffered as a result property damages such as fire or vandalism during riots, strikes, public disorder, civil commotion or terrorism attack.

”Regardless of the location or size of the learning institution, or how old the school is, there is a number of ways we can advise heads of schools as to which options best suit their needs”, says Thokozani Msimanga, Insurance Sales Broker.

Contact our teams on Tel +27 11 805 0086 or Email: info@maksure.co.za.

About Maksure Risk Solutions

Maksure Risk Solutions is an Afro-Global independent specialist insurance and reinsurance broker with business footprint in Africa, Asia, East & Western Europe, South America and the Caribbean. We provide innovative and tailor-made risk solutions in Insurance and Reinsurance as well as Risk Financing and Actuarial Consulting geared towards capital management and strengthening our client’s balance sheet. Maksure is also one of the major players in Captive Management (Establishment & Management) in South Africa, Mauritius, Bermuda and various other jurisdictions. We have access into the Lloyds of London with a deep understanding of African markets. Our global nature ensures that our clients access quality capacity as well as some of the world’s latest thinking and solutions.

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