Throughout the United Kingdom, there are a number of schools and colleges that are independently owned and are thus responsible to make their own insurance arrangements. Whilst many of the smaller colleges will rent their premises (often contained within office blocks or other commercial premises), many of the larger organizations will own their own buildings on which they will need to effect at least commercial building insurance.
A college insurance policy will usually come with a number of different sections. Some of these will be compulsory; others, the college will be able to pick and choose to suit their needs.
A wide range of perils can be covered under a college building insurance policy, including, fires, storms, floods, burst pipes, subsidence and of course property owners liability insurance. For rating purposes, the college address and postcode will be required as will details of the rebuilding costs. Often, a college will consist of a complex of different buildings, it’s quite typical for the main building of the college to be of standard construction, but some of the outbuildings, may be timber or of pre fabricated construction. If this is the case, it’s important that the insurers are made fully aware of the situation to ensure that fill cover is provided.
As well as the college buildings, most establishments will have a wide range of equipment and may be even hold some stock that will need to be insured. The college contents will include desks & chairs and any fixtures and fittings. As well as contents most policy wordings are able to be extended to include Business Interruption cover, which in it’s simplest form, will provide a sum insured for alternative accommodation, if the college buildings are unusable following a serious event such as a fire or flood. Of course Public & Employers Liability can also be included and it is usual, for this to form part of the core wording.