The exposures of one individual educational institution may be totally different from those of another. Because of this, a comprehensive risk assessment across the institution using our Activity-Based Risk ERM© will be needed to accurately determine the proper risk management strategy.
Resource Risks for Educational Institutions
Educational institutions have a number of buildings, extensive grounds, and expensive equipment. The buildings may be at a single location or spread out over a number of locations. This creates large property exposures that are best mitigated by the use of insurance. Our Insurance RFP© can help educational institutions to purchase insurance.
One large cost driver for most educational institutions is energy cost. For those with multiple locations, our Utility Risk Manager© can help the manager to reduce its cost by tracking its energy usage, auditing its energy bills and hedge its risk .
Activity Risks for Educational Institutions
The operations and exposures of educational facilities are not limited to their owned premises. Field trips and other off-site events and activities may expose the facility to lawsuits from students and the general public. A listing and evaluation of all known exposures is important and necessary to select the most appropriate coverage forms to cover those operations and exposures. Our Activity-Based ERM© can help with this task.
Educational institutions also use many outside service providers to maintain their facilities and equipment or to transport students. The Contractual RM©. will help to manage the risk of subcontracting and outsourcing.
Every Educational Institution must have a Business Continuity Plan (BCP) explaining how the institution would respond to an emergency (Emergency Response Plan-ERP) and how would recover from it (Continuity of Operations-COOP). Our Insight BCP©. help companies to plan for and respond to emergencies.
Service Risks for Educational Institutions
Educational Institutions are in a unique situation where most of the activities that they performed create activity and product (service) exposures at the same time.
Due to strict and absolute liability laws, as well as the nature of the services provided by educational institutions, and regardless of how experienced and careful the instructors and advisors may be performing those services, there is always the possibility that the company may become legally obligated to pay damages.
Insurance is the best way to transfer risk of events that are totally unpredictable. (Insurance RFP©). In addition, our Activity-Based ERM© can help companies to identify and mitigate this service related exposures.