Ask a School Insurance Underwriting Expert is a quarterly column addressing insurance and risk management related questions for ABACC members.
If you have a question for Kevin Beer, please submit it via email.
Ask a School Insurance Underwriting Expert is a quarterly column addressing insurance and risk management related questions for ABACC members.
If you have a question for Kevin Beer, please submit it via email.
The property insurance market has been affected by extreme weather and climate disasters, which have put pressure on carrier profitability. The property valuation issue facing the industry is important since insurable asset values have not kept up with inflation or recent supply and demand cost pressures on labor, commodities, freight, etc. Property claims are settling above reported values, making property valuation a leading topic in the property insurance market.
Determining the value of your property portfolio can be challenging. Depending on the structure of your insurance program, having inadequate values could be financially devastating for your school in the event of a claim. Raising your property values now with a potential premium increase is difficult, but may be the prudent direction to take.
To avoid an underinsured property loss, consider the following tips:
As always, to minimize future risks consider ways to avoid losses before they happen. Installing property sensors and having a sound maintenance plan to keep your property updated, are important methods to help minimize potential loss.
About the Author: Kevin Beer is president of Wright Specialty Insurance, an underwriting manager of specialty insurance and risk management solutions for public and private universities, colleges and K-12 schools. Visit their website or call (877) 976-2111.
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