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Higher Education insurance

Supporting more than 10 universities across the UK, we use our wealth of experience with large research institutions to present a fresh approach to university insurance managers.
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What type of risks do Higher Education institutions need to manage?

Managing the diverse risks in a Higher Education setting requires a strategic approach.

From the risk of water damage, fire, and flood claims across varied buildings, to ensuring the health, wellbeing, and experience of staff and students both in the UK and internationally, there are a multitude of challenges that require effective risk management and comprehensive insurance coverage.

Political instability, the adoption of new teaching methods and rising costs due to inflation all bring further risks when tuition fee income is fixed.

Why should universities choose Griffiths & Armour?

We have a dedicated Higher Education team with extensive experience in the wide range of operations, exposures, and challenges universities face. Our expert team have executed extensive property survey programs for multiple universities, enabling us to gain a deep understanding of each client’s unique operations and risks.

We’ve invested significantly in recruiting a team with diverse sector experience, and are experienced in handling the risks universities encounter as well as procurement rules.

Combined with our strong insurer relationships, we are ideally positioned to support any university.

What classes of insurance should Higher Education institutions consider?

FAQs

Professional Indemnity insurance seems to be presenting challenges, what advice would you give to Universities considering alternative solutions?

The market has been dominated by one insurer for larger Universities RSA who have increased rates and restricted cover over recent years. Medium sized and smaller Universities have also been able to secure cover from direct writing insurers (Zurich Municipal) or the sector mutual (UMAL). Griffiths & Armour have been able to secure competitive primary quotations from at least two other insurers who are tentatively entering or re-entering the market and we would be happy to discuss the benefits of marketing your risks and the pros and cons of such insurers with Universities. We are also investigating alternative options such as a Captive insurer for the sector, get in touch to find out more.

Property Placements have seen increases, higher excesses and coinsurance or layered policies for some large Universities, what are the implications of this following the withdrawal of Zurich Municipal from the larger University market and what advice can you give regarding our approach to renewal?

Good risk management survey reports which articulate your main risk exposures (in particular construction details and accumulations of values) will be critical. We work closely with clients to ensure our survey reports are updated on a rolling basis so that we can explain potential EMLS (Estimated Maximum Loss Scenarios) to the market and give you well informed advice on the appropriate limit of cover you should purchase. We do not charge for such survey work and look to include it in our annual service fee as it delivers a significant differentiator when we are broking your risk.

What is the best way for us to approach the market to help us secure the most favourable renewal outcome?

We work closely with insurance managers and their procurement teams to agree a strategy for delivering the best market outcome. This can include formal tender processes such as CCS for certain policies which ensures that terms are delivered in a timely manner and follows a transparent scoring approach. We have been able to persuade new insurers to join the CCS framework to stimulate more competition for University risks. Through pre-tender engagement meetings with insurers and/or insurer days we can help secure a positive outcome for our University clients, with insurers who can meet the brief in terms of price, cover and service.
A formal tender is not always recommended, particularly where the market is restricted (such as Professional Indemnity). Another scenario where flexibility may be helpful is co-insured property risks as there is available competitive capacity but sometimes with insurers who do not participate on the framework. Our approach is to create a compelling market presentation including survey reports and clear claims experience as well as a tailored cover specification in conjunction with you. We would be happy to discuss how we do this with you.

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