Educational Institutions are complex organizations with a wide variety of risks to students, faculty and staff, facilities and Institutional reputation.

Our Experience

  • We have a specialized practice group and extensive experience working with independent elementary and secondary schools and colleges and universities in the U.S., Europe and Asia.
  • We understand the stakeholders, the governance and the financial, regulatory, demographic and marketplace issues and limitations that educational institutions face in crafting risk management programs and have a record of developing individually tailored and practical risk management solutions including insurance where appropriate.

How We Can Be Helpful

Enterprise Risk Management (ERM): We conduct comprehensive risk assessments and assist schools in developing ERM programs, including establishment and support of a Risk Committee and ongoing use of a Risk (Heat) Map, Risk Register, and Risk Mitigation Tracker. While we often uncover unique risks of which the school’s administrators were unaware, we have experience with the risk areas common to most educational institutions such as sexual abuse and molestation, student travel and experiential learning, cyber risk, safety and security, and use of school facilities by outside groups.

Risk Audits

Insurance Audits: We provide comprehensive reviews of schools’ insurance programs for adequacy of coverage and reasonableness of terms and conditions, based upon our assessment of exposures to loss and each school’s appetite for risk-assumption. In developing our recommendations, we also consider the coverage maintained by comparable educational institution clients. We examine:

  • Policy limits
  • Breadth of coverage 
  • Deductibles/retention levels    
  • Policy terms/conditions  
  • Exclusions/endorsements  
  • Reasonableness of premiums  
  • Major coverage gaps  
  • Opportunities for contractual risk transfer to vendors and service-providers

Operational Audits

  • Contractual Review
  • Employee interviews and assessments

Broker Procurement: We evaluate the services provided by the client’s insurance brokers and, when appropriate, conduct a broker-procurement process aimed at selecting an insurance broker with the qualifications, experience, skills, and service reputation that best fits our client’s needs.

Outsourcing and Project Assistance: We offer a wide variety of services aimed at minimizing financial risk to our clients. We serve in a variety of functions depending on clients’ needs. We may serve as the outsourced risk management department of the school or in an advisory capacity on a project or ongoing basis.

Benefits to Clients

Our clients report that among the benefits they have derived from their use of our services are:

  • Reassurance to the school’s Board of Directors that an independent third party has determined that all significant risks are being addressed and mitigated appropriately.
  • Confidence that the insurance program is optimized in terms of coverage and premium cost and that the school is not unknowingly exposed to uninsured expenses.
  • Establishment and assistance with management of a continuous process of risk identification, evaluation and mitigation involved with all aspects of the school’s campus and operations.

Representative Engagements 

  • Large public university with an over-designed Enterprise Risk Management program that was “stuck”. - We reassessed and simplified the program focus, reassigned certain responsibilities and helped make the program more effective and responsive.
  • Large state university - We assisted in designing a loss sensitive rating program to take better advantage of its historical workers compensation losses.
  • Group insurance program - We designed, negotiated and helped to implement an international school’s insurance program that improved coverage while reducing insurance costs by over 35% for some members.
  • Private secondary school - we developed a procedures and policies manual for contractual risk transfer, transferring risk to outside vendors by contract.
  • U.S. college - We designed safety and loss control protocols for its international study program.
  • Independent International Schools in Europe and Asia – We have Identified, assessed and made mitigation recommendations for the schools’ major risks, including issues related to security, kidnap and ransom, international travel and cyber threats to parents’ financial data.

Our Clients

  • U.S. Colleges and Universities
  • Independent K-12 Schools
  • School Consortia
  • International Schools in Europe: Austria, Czech Republic, Poland, Romania and Russia
  • International Schools in Asia: China, Indonesia, Japan, Singapore, Taiwan and Uzbekistan

Contact

Ann Mizner McKay
Education Practice Leader
(781) 449-2866
Send an Email

Capabilities