EIIA Provides H1N1 Insurance Coverage for Member Colleges

With increased risk of the H1N1 virus at colleges and universities across the nation, EIIA member institutions are the nation’s only institutions of higher education with coverage against loss due to airborne, waterborne or pandemic illness.
 
 
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Sept. 28, 2009 - PRLog -- EIIA (Educational & Institutional Insurance Administrators), a not-for-profit organization that provides extensive insurance and risk management services to its members, is now providing 128 private, church-related colleges and universities with unique H1N1 virus insurance through its Catastrophic Business Interruption for Higher Education policy. With increased risk of the H1N1 virus at colleges and universities across the nation, EIIA member institutions are the nation’s only institutions of higher education with coverage against loss due to airborne, waterborne or pandemic illness.

EIIA is providing the insurance industry’s first-of-its-kind policy to cover business interruption and extra expense resulting from pandemic, food-borne/water-borne illness, contamination or campus violence, to protect its member higher education institutions against the actual loss of income and extra expenses associated with a catastrophic business interruption event. Should a regional contagious illness cause a number of institutions to close resulting in a $50 million loss, a return of tuitions, business interruption, and extra expenses are covered by the catastrophic business interruption policy. The policy would pay up to $50 million subject to a maximum of $5 million per institution.

“When it comes to catastrophic events, most insurance policies will help you recover from the usual causes of loss: flood, fire, quake, or storm. But increasingly, new threats are closing campuses,” said Bobby Thompson, Ferrum College vice president. “By listening to and collaborating with its members, EIIA created this one-of-a-kind coverage to meet the real needs of higher education institutions today.”

Much of EIIA’s work is done through College Insurance Company and College Risk Retention Group, two not-for-profit captive insurance companies owned by EIIA members. This means profits can be reinvested, helping institutions stabilize their premiums and control costs.

“We have a unique relationship with our member institutions,” said Siri Gadbois, EIIA president and CEO. “This H1N1 coverage is another example of the creativity and flexibility of EIIA.  We’re always working with our members to create new programs and services to relieve their risk, and help them better focus on their mission.”

EIIA Catastrophic Business Interruption Policy Limits

Pandemic Disease – Phases 3, 4, 5 & 6
$5 million per institution
$50 million aggregate shared among participating institutions

Food-borne and Water-borne Illness
$5 million per institution
$20 million aggregate shared among participating institutions

Contamination – MRSA, Legionnaires or Bioterrorism
$5 million per institution
$20 million aggregate shared among participating institutions

Campus Violence
$5 million per institution
$20 million aggregate shared among participating institutions

Indemnity Period:
The policy provides 12 months of coverage following an incident that commences during the policy term.

Deductibles:
Campus Violence – $250,000
Pandemic – None
Food-borne/Water-borne Illness – $250,000
Contamination – $250,000

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About Educational & Institutional Insurance Administrators, Inc. (EIIA)
EIIA is a not-for-profit organization that provides the broadest, most extensive insurance and risk management services available to its member institutions of higher education. With its unique history, EIIA has extensive knowledge and experience to provide its private, church-related colleges, universities and seminary members with innovative programs to meet their unique risk control and enterprise risk management needs. EIIA member institutions represent the United Methodist Church, the Evangelical Lutheran Church in America, the Presbyterian Church USA and the American Baptist Churches which are located in 46 states including the District of Columbia. Visit www.eiia.org.
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Source:Educational & Institutional Insurance Admins
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Tags:Insurance, Eiia, H1n1, Pandemic, Higher Education, Colleges
Industry:Higher education
Location:Chicago - Illinois - United States
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