Working Space | Insurance
What’s covered by the Ministry of Education and where to go elsewhere The Ministry of Education can provide contents insurance for schools across New Zealand – what it does and doesn’t cover is a surprise to some educational institutions, and if your school isn’t covered, you can be left out in the lurch. With the ministry’s Risk Management scheme, contents insurance for your school covers items such as textbooks and rugby balls, but it doesn’t extend to things such as vehicles – including vans, cars, tractors and ride-on mowers – and you need to arrange separate insurance for them. It’s a legal obligation for your school’s board of trustees to arrange contents insurance to cover your school for damage or loss of contents. Essentially, all school assets other than the land and buildings owned by the Crown must be covered. Automatically when new schools are established, they are made members of the new scheme. If you’re an existing school, you can join at any time of the year. (Note: if you’re a new school and in the establishing phase, no levies are charged – they begin incurring once the school is open and operational).
For everything else not covered by the Ministry of Education, you want to ensure your school’s assets are in safe hands. Marsh has provided a school insurance programme exclusively designed for school assets and property not covered by the Ministry of Education. During this time, the company has learnt a lot about Ministry of Education (MoE) schools and their unique risk issues.
The Marsh Ancillary School insurance programme provides insurance for:
• Travel (overseas cover for pupils and staff on educational or study trips)
identified and addressed and the total cost of risk has been minimised.
• Domestic dwellings cover for houses that are the responsibility of the school to insure
Marsh’s global education practice represents more than 15,000 institutions, which equates to the placement of more than 4,000 education polices which form the basis of the company’s education sector and benchmarking analysis.
• Studentsafe International Pathway (travel and health insurance policy available exclusively for school and college students travelling to New Zealand to study) • Cover for alterations to existing buildings or construction of new buildings not insured by the MoE.
• Motor vehicles like school vans and cards
Marsh provides protection focused on dealing with exposure to physical, consequential, legal, management, financial, and reputational risk – drawing on a bespoke portfolio of innovative insurance solutions and risk management services that meet the specific requirements of your educational institution.
• Marine hulls like rowing skiffs, sailboats and kayaks
The result: Boards and governors can rest assured that critical risks have been
• Overcode, board of trustees and community owned buildings • Property assets, which are used for school and community purposes, but not insured by the MoE
Marsh’s global education practice represents more than 15,000 institutions, which equates to the placement of more than 4,000 education polices which form the basis of the company’s education sector and benchmarking analysis.
School vehicles, such as vans, cars and ride-on mowers, are not covered by the Ministry’s Risk Management Scheme.
Marsh has developed a suite of risk and insurance services that addresses challenges that modern schools encounter today. It represents a large number of schools and colleges in both Australia and New Zealand, including schools affiliated with churches.
What are my school’s options for contents insurance? 1. Your school arranges for its own cover from a private insurer. 2. Your school asks to be covered by the Ministry’s Risk Management Scheme.
How does my school pay for contents insurance? Whether you choose to arrange your own contents insurance or get coverage from the Ministry’s Risk Management Scheme, you pay for insurance premiums using your operational funding. If you choose to go into the Risk Management Scheme, levies for the scheme get taken out of your operational funding each quarter on a per student cost. For more information about the Ministry of Education’s Risk Management Scheme, visit www.education.govt.nz or contact National Ministry of Education Office at enquiries. national@education.govt.nz or by phone at (04) 463 8000. For more information about Marsh’s Ancillary School insurance programme, visit www.marsh.com/nz or call 0800 627 744.
Appointed insurance broker to the Ministry of Education From Contents and Liability to Overcode Property and Vehicle, we have a team of professional brokers who are equipped to provide you with risk solutions fit for your business needs. To find out more or for a quote, call us today 0800 29 30 31 Copyright © 2021 Marsh Limited. All rights reserved. S21-0435
34 | Term 2, 2021 www.principalstoday.co.nz
