Harrington Bates has appointed Vecta Risk Partners to underwrite a portfolio of staff absence insurance for schools, academies and colleges throughout the UK.
The cover aims to mitigate the financial risk and minimise the disruption that schools and colleges face as a result of absences of their employees. It pays an agreed fixed amount for every day of absence from a chosen waiting day period.
The firms noted that the impact of staff absence can be financially costly, disruptive and time-consuming for the education sector.
“The UK teachers’ absence and supply insurance market is challenging and competitive,” said Andy Juggins, underwriting partner at Vecta.
“In our view, success is based on bringing together flexible and focused partners, having access to a large pool of data and the support of an empowered underwriter. This new scheme brings all of these factors together.”