New Coalition Program Ideal Contingency Plan to Hardening Insurance Market
Double-Digit Premium Increases Expected in 2020
“Today, our private college members face significant challenges to their financial sustainability,” said Lyen Crews, president of the Coalition for College Costs Savings (The Coalition). “The volatile Property & Casualty Insurance climate is another financial hurdle our private colleges will face in 2020, as overall premiums are projected to increase 10-30%.” (State of the Insurance Industry Market Reports from AmWins and Business Insurance.)
“Fortunately, the rollout of The Coalition / IMA Property & Casualty Insurance and Risk Management Program will provide an option to help our colleges minimize the impact of these potential increases and assist the school CFO & Risk Manager in fulfilling their fiduciary responsibilities.” Crews said. “By leveraging the strength of The Coalition’s over 900 Colleges and Universities, the Coalition program through IMA allows our schools to Reduce Costs and Increase Efficiencies they could not achieve on their own.”
The program has already proven successful, as several member schools have taken advantage of the reduced premiums and improved coverages offered by the program, including stand-alone policies for Cyber Insurance & Active Shooter Insurance. (See information below about these 2 programs.) In one example, the program was able to offer a premium on Workers’ Compensation that was 40% lower than last year’s premium!
“IMA’s Higher Education risk management team is excited to be part of the Coalition / State Association network, and it is very rewarding that we have partnered with several Coalition members to help them save over 30% annually while improving coverages and strengthening their risk management program,” said Blake Wells, IMA’s Higher Education Program Leader. “Our streamlined benchmark assessment allows for a quick snapshot comparison of the colleges’ current insurance placement to what the program can offer. We look forward to assisting Coalition members successfully navigate the challenging 2020 renewal season.”
IMA works closely with our clients to identify risks and design comprehensive plans to help prevent and mitigate loss. We act as your outsourced risk management department to prioritize objectives and create custom service plans that help individual schools achieve their risk management goals.
Cyber Emerges As Top Risk Concern
Cyber incidents are now the top corporate concern, according to a recent survey from Allianz. Colleges are more aware of cyber threats with their increased reliance on data and IT Systems and after several larger and costly data breaches. Learn how the IMA / Coalition Cyber Insurance can protect your institution and help you proactively respond to a Cyber incident here.
Read how the Ryuk Ransomware Stole Christmas and the Lessons Learned from one school’s experience:
Active Shooter & Workplace Violence Incidents Increasing on Campuses
The frequency and severity of active shooter/workplace violence incidents are increasing each year. How you respond and mitigate these risks is more important than ever.
Learn how to proactively plan for financial protection for your institution from these incidents through the IMA / Coalition Active Shooter / Workplace Violence Insurance program.
Download the Active Shooter / Workplace Violence Overview >>
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