Insurance considerations for academies and multi academy trusts

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1 Insurance considerations for academies and multi academy trusts Impartial, objective support in managing your risks vate Commercial Community Healthcar

2 Commercial insurance can be better value for larger academies and MATs The Department for Education s (DfE) Risk Protection Arrangement (RPA) is in its third year and has been the subject of much debate and mixed reviews. For some smaller academies, the Arrangement offers an affordable and adequate solution, but for larger academies and multi academy trusts (MATs), is it really the most appropriate solution? The Education Funding Agency (EFA) recommends, The trust should consider opting into the RPA unless commercial insurance provides better value for money. As one of the UK s leading independent insurance brokers, Stackhouse Poland has access to insurers both experienced and active in providing cover for academies. Those insurers are offering extremely competitive premiums in response to the RPA, so it is prudent to explore this route. MATs have the particular advantage of a larger collective premium allowing the commercial insurance market to be more competitive when compared with the RPA per pupil premium. This also provides us, as a broker, greater flexibility around how we might structure your insurance programme to reflect your academy or MAT s particular needs. For larger academies and especially for MATs, is the RPA really the most appropriate solution? We offer a free comparison of the RPA against commercial insurance and the respective costs and benefits for your academy or MAT.

3 The insurance portfolio for your specific needs All but the smallest academies will require bespoke consideration and covers that are not offered by the RPA. Every academy is unique and so are the risks it faces, so your risk management programme should reflect your school s individual needs, without compromise. Good risk management has school improvement and protection at its core. A one offer approach will not achieve this nor will it provide ongoing reviews and the guidance and support of a dedicated adviser. All but the smallest academies will require bespoke consideration and covers that are not offered by the RPA. The impartial advice we give and solutions we propose depend on us spending time understanding the specific risks you face now and in the future. Our alternative includes: Insurance covers A wide range of covers for: the academy or MAT and its staff; pupils and parents. Including covers not available through the RPA, such as: motor (including occasional business use); mini bus; personal accident; staff absence (for a wide range of causes); key person; crime and fraud; overseas travel; engineering inspection; contract works; cyber liability; and management and Governors liability. Other risk management services Staff absence management: employee wellbeing plans; absence management software; sickness absence audit; and HR & payroll services. Business continuity planning. Health & safety and employment law risk management. Security reviews. Valuations and asset tracking. Claims assistance and disaster recovery. Access to financial planning and employee benefits.

4 The importance of a contractual insurance policy Stackhouse Poland: specialists in supporting academies and MATs The RPA is not an insurance contract. The capital expenditure required must come from the academies that opt in, and a low upfront premium could very easily be outweighed by the cost of implementing any risk improvements as now required by the DfE. An insurance policy, in contrast, provides a transparent and fixed cost. Also, some insurers now offer bursaries to help with risk improvements they require. It s worth noting that long-term agreements can be an effective way of fixing commercial insurance premiums (sometimes at a reduced rate) for 3 or even 5 years. Experts in risk management to the education sector our specialists have worked with academies since their inception in Preferred service provider to some of the UK s leading educational establishments. Lucas Fettes, a trading division of Stackhouse Poland, is a Supplier on the Crown Commercial Service (CCS) Insurance Services 2 Framework Agreement (RM3731) for the supply of insurance brokerage and associated support services. Committed to taking a consultative approach and tailored solutions, making best use of your budget. Talk to us Would you like a free, no obligation comparison of the RPA against commercial insurance alternatives? We can provide a cost/benefits analysis for your academy or MAT. If you d like us to obtain quotations for you, or if we can provide impartial advice or guidance on any other matter, please get in touch. Contact your Stackhouse Poland representative, call or us at education@stackhouse.co.uk.

5 Stackhouse Poland Ltd is authorised & regulated by the Financial Conduct Authority in respect of General Insurance business. Our firm s reference number is , which can be checked by visiting the FCA website. SP03/18