Education-specific wholesale agency enters market

Education-specific wholesale agency enters market

Education-specific wholesale agency enters market United Educators Management Co. recently announced the launch of a new wholesale insurance agency dedicated to the education market.

Education Insurance Services (EIS) will provide education-specific coverage for independent K-12 schools and small colleges. Coverage is sold through comprehensive packages designed to address many education-related exposures, including liability coverage for claims associated with athletic injuries, sexual molestation and Title IX compliance.

Property, commercial auto and workers’ compensation coverage is also available.

In addition to these packages, EIS will offer specialty coverage for all educational institutions, with options addressing global travel, builders’ risk, environmental and cybersecurity exposures.

Joe Carter, president of EIS, said the wholesale agency will help retail agents and brokers access markets providing tailored coverage for small schools and colleges—primarily defined as schools with enrollments of 800 students or fewer, or with budgets of $30 million or less.

“Having coverage specific to the unique needs of education has often been out of reach for the agencies serving small schools and colleges,” Carter said. “We’re pleased to be able to serve this market, giving them an affordable and simplified way to purchase targeted coverage and risk management services.”

Carter says independent agents servicing this market have largely been relying on general insurance carriers to address exposures unique to schools and as such, may be missing out on vital coverages and risk management support.

“Schools are a unique market in that there’s a concept of academic freedom for its teaching employees,” Carter told Insurance Business America. “Faculties at colleges, for example, are able to write about and even challenge their employers on controversial topics that many other segments wouldn’t touch. Most general insurance policies don’t really address that type of risk explicitly.”

Schools also combine a unique set of risks, including habitational risks, educational risks, entertainment risks and potentially risks associated with faculty and underage students living in the same community. With those unique dynamics, it is better for the agent and the account to have access to coverage tailored for educational institutions.

“Often brokers are so taxed with the administration around transactions and maintaining relationships that they don't have time to research and study current educational trends to be on top of them as fast as they come,” Carter said. “I believe EIS and United Educators offer a great service to help those agents and brokers in dealing with emerging issues before they hit the news.”