Accident and health insurance can provide the additional coverage that schools and other educational institutions need for their students, both on the sports field and in the classroom.
Summary of the white paper
When it comes to choosing the right accident and health cover for a school or college, there are several things to consider. This is because accident and health can refer to a number of different things.
“This can include benefits, health insurance, disability, dental and vision. This can include accident insurance for a whole host of different types of groups that are unrelated to employees/employers,” said Michael Flood, vice president, Accident and Health Division, Philadelphia Insurance Companies.
Within this non-employee/employer bubble, accidents and health can be divided into three broad categories: participant accident, student accident, and intercollegiate sports accident.
Participant’s Accident relates to coverage provided to non-profit organizations that employ volunteers who do not fall under a traditional workers’ compensation policy, as well as a host of other non-school organizations that sponsor activities such as camps and clinics, child care and special events. . Both Student and Intercollegiate Sports Accident provide a level of coverage for students injured while participating in school-sponsored sports and activities.
“This first category, the participant accident category, is a very profitable niche. Loss ratios tend to be quite low. Flood explained. “For the K-12 and college and university accident segments, the frequency of claims is higher. Claim severity, especially for high school and college sports, also tends to be more severe. Due to the higher frequency and severity, the margins are tighter.
Intercollegiate sports accident exposure is the most difficult to underwrite. Claims activity is the most volatile and loss ratios can be extremely high.
For schools and colleges looking for accident and health products, here is an overview of the market situation and how organizations, especially schools, can benefit.
To learn more about Philadelphia insurance companies, please visit their website.
Philadelphia Insurance Companies (PHLY) offers product-specific resources, alliances, and service capabilities to achieve a multifaceted approach to risk management, including safety program development, site audits, and training (including including interactive online training). We offer a wide range of value-added products and services on financial terms to be agreed to help you achieve your risk management objectives.