Page 29 - Independent Schools Magazine
P. 29

Should you consider pupil insurances?
With the introduction of the Consumer Contract Regulations, many schools may now be thinking it is too cumbersome to provide pupil insurances. But with new and revamped products now available this is not the case and a large number of schools are bene ting from providing Personal Accident, Fees Return and Pupils’ Personal Property insurance.
Bene ts
There are many reasons that schools cite as to why they want to provide additional insurances for their pupils.
The most popular product is Personal Accident insurance
and primarily the reason for this tends to be that schools feel this is an ideal way they are able to demonstrate to parents that not only do they take seriously their duty of care for the children, but they also pragmatically accept accidents, by their nature, do happen.
Danger and risk is something we all face every day, from crossing a road to playing sport. Accidents can happen at any time; luckily very few are serious enough to lead to permanent disability. However those that do can have a devastating effect on the family’s life and in the worst cases, such
as total paralysis, this can mean the need to adapt homes and often require provision for 24 hour care assistance. These costs can
be  nancially debilitating to the family involved.
There are other bene ts to having Personal Accident insurance:
• Payments of the bene ts under the policy are not subject to negligence and this tends to mean that settlements can be made quickly - claims that rely on proving liability of a third party can be protracted and last many years before settlement is reached
• It is important to remember though that any payment under a personal accident policy is separate from any claim for negligence and has no bearing on the potential award of damages against a third party who is found to have been negligent
Cover options
As accidents can happen at any time most schools opt for the
24/7 option that provides the pupils with cover worldwide whether they are at school or
not as this really is a true bene t to the parents. Taking in to account potential costs following permanent disability the most popular option after discussion is the £1,000,000 maximum level of cover. Most policies also offer the option to include dental injury and emergency dental treatment.
I am often asked by bursars whether if the school arranges a Personal Accident insurance this would have any effect on cover
of any other Personal Accident insurances that the parents may already hold. The answer is ‘no’. Each policy would pay the bene ts irrespective of any other policy in force.
Administration
Another common question that crops up is ‘how much of a
burden is the administration of the insurances’. I am pleased to say that this is actually very straight forward.
With Hayes Parsons the insurances are arranged under a single
policy with sections for Personal Accident, Pupils’ Personal Property and Fees Return. The school selects which sections to operate and the level of cover required. You are then provided with a ‘Key Information for Parents’ document electronically so that this can
be made available to parents via your website. This details the
covers available, the bene ts of the insurances and how the policy operates.
In respect of the Pupil’s Personal Property and Fees Return, this can be offered to parents in
the fee pack you provide by
way of including a simple form for completion. If they are participating you add the cost to their termly fee bill.
PUPIL INSURANCE PRODUCTS THAT CHALLENGE THE STATUS QUO
Tailor-made for independent schools
Personal Accident premiums from £1.56 per pupil per term All covers under one, easy to administer policy
Fully compliant with the Consumer Contract Regulations Access to our online risk management portal
Hayes Parsons Insurance Brokers
0117 929 9381 | education@hayesparsons.co.uk | hayesparsons.co.uk
Hayes Parsons Insurance Brokers is a trading name of Hayes Parsons Limited which is authorised and regulated by the Financial Conduct Authority, FRN 311881. Registered in England No. 816448 at Colston Tower, Colston Street, Bristol BS1 4XE
Mark Rose, Account Executive at Hayes Parsons Insurance Brokers 0117 929 9381 | 07841 430 237
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