Colleges and universities that partner with AFM enjoy broad coverage that is designed to insure best-in-class higher education institutions.

Our engineering services help us identify these best-in-class clients and then work with them to continue to improve their risk profile. We believe that better protected education clients deserve better insurance programmes.

Coverage is provided on the proVision policy platform which is:

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Coverage designed specifically for education institutions

Providing students with a first-class education experience should be clients’ first priority. AFM has designed an insurance policy that gives education clients easy access to the coverage they need.

The proVision education form delivers coverage that meets the unique requirements of college and university clients. Here are a few examples:

  • If a dorm can’t be occupied because it is under repair from a loss, a client may lose income for an entire semester or school year. The proVision Education form addresses this exposure.
  • Emergency vacating coverage provides funds to education institutions for costs incurred to vacate students to safer locations should civil or military authority mandate an evacuation of an area.
  • Libraries and rare books are provided special valuation that includes the costs to reshelve the books after a loss.


A comprehensive single blanket limit

A single blanket limit inclusive of real property, personal property, business interruption, and boiler and machinery provides education clients optimum flexibility during large losses.

Education clients often have single locations with significant real property, personal property and business interruption exposures. AFM offers clients a single blanket policy limit inclusive of these three types of coverage. This provides colleges and universities optimum flexibility during a large loss.

For example, rather than business interruption being limited to the values reported at a location, clients benefit from the single limit that also includes real and personal property. This allows for maximum flexibility as clients have the entire policy limit to use for repairing the damages and recovering business interruption losses.

In addition, the proVision Education form includes machinery and equipment breakdown in this single blanket limit.

Sublimits: Traditional machinery and equipment breakdown policies limit coverage for spoilage, ammonia contamination and hazardous substances. The proVision policy removes these coverage limitations. In addition, expediting expense coverage, typically only found in M&E policies, is included in the all-risk policy, extending this coverage to losses beyond just those that are M&E-related.

Broad definition of covered property: M&E policies typically have to name the type of property insured, such as boilers, fired and unfired pressure vessels, as well as electrical, mechanical and production equipment, which are included in the definition section of the form. With M&E in the all-risk platform, coverage now is broadened for all types of property unless otherwise excluded.
Broadened cause of loss wording: With M&E coverage embedded into an all-risk form, clients receive broadened coverage for all direct physical loss or damage to insured property, unless otherwise excluded.

Joint loss agreements: When there are separate property and M&E policies, and an M&E event causes damage to property outside of the scope of the M&E policy, there can be complications in settling the claim between the M&E carrier and the all-risk property carrier. These complications are removed when it is all insured under the same policy.


Flexible valuation wording

Turn a property loss into an opportunity to increase available education experiences to students.

A large property loss could create an opportunity for a university to re-evaluate their business plan and make decisions that could have long-term positive impact on the experience they provide to their students.

For example, AFM offers valuation wording that allows clients to receive claims funds at repair or replacement cost, even if the client chooses not to repair or replace the damaged property. These claims funds can then be used over a two-year period on capital expenditures at any named location, as long as the expenditure was unplanned at the time of loss.

A university client experienced a flood at one of their older dormitories. The damage would have cost US$6 million to repair. This particular dormitory happened to only be 65 percent occupied and was no longer needed; newer dorms had since been built.

Rather than repair an unneeded asset, this client decided to relocate the students to newer dorms and demolish what was left of the building. The repair funds left over after the demolition were then used to purchase new computers, projectors and other technology for the library and classrooms.

Typical market practice requires a client to repair or replace the damaged property or receive actual cash value for the damaged property. AFM provides an additional option called "unplanned capital expenditures," which allows clients to still receive repair or replacement valuation as long as they use the funds at another named location on any unplanned expenditure—in this case, upgraded technology.