A school approached Protect My Tuition™ and asked us to develop a comprehensive tuition insurance offering to their students. After discussing with the school, our team was able to design a program that included multiple coverage enhancements that were either not available or not offered with their current program. Two of the enhancements included removing the standard 14 day waiting period from all causes of loss, except voluntary withdrawals, and adding our tuition continuance endorsement. This endorsement allows for a student to stay in school, and have their claim paid, in the event of the death or job loss of a tuition payer. Even with the enhanced coverages, we were able to keep the school’s rate under 2% of tuition and fees.
For schools that are interested in partially self-insuring their tuition insurance risk, we have the capability to offer a large deductible program. Our team analyzed a boarding school that had very limited withdrawals every year and wanted to self-insure their tuition program. At the same time, they wanted to cap their exposure if for some reason they had a horrible withdrawal year. Our solution was a proposal that included a rate under 1% with a $100,000 aggregate deductible. The low rate provided the school with an affordable backstop to cap their potential losses.
