Charter School Insurance Definitions
Understanding School Insurance – Required & Optional Coverages Explained
While necessary insurance coverage types and limits vary by the charter school and by state, we still want to provide a glossary of the most common coverages associated with Charter and Private Schools:
Abuse/Molestation Coverage
Provides defense and indemnity protection for charter schools against claims arising from abuse and molestation allegations. This coverage is typically excluded on any other policy.
Automobile Liability
Coverage if a charter school is legally liable for bodily injury or property damage caused by an automobile.
Business Income
Time element coverage pays for loss of earnings or income when business operations for a charter school are interrupted, curtailed, or suspended due to property loss as a result of an insured cause of loss.
Directors’ & Officers’ Coverage
Provides financial protection for the directors and officers of your charter school in the event they are sued in conjunction with the performance of their duties as they relate to the educational institution.
Educators’ Error & Omissions (Professional Liability) Insurance
Protects your charter school from claims arising from the failure to perform within the scope of your professional duties that result in damages to another party.
Employee Benefits Liability
Coverage for wrongful acts committed to administering a charter school’s employee benefits program.
Employment Practices Liability
A form of liability insurance covering wrongful acts arising from employment practices such as wrongful termination, discrimination, and sexual harassment.
Fidelity/Crime Insurance
Protects organizations from loss of money, securities, or inventory resulting from a crime. Common Fidelity/Crime insurance claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.
General Liability
Coverage for a charter school when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of the school, when someone is injured as the result of using the product manufactured or distributed by the charter school, or when someone is injured in the general operations of a charter school.
Identity Theft Coverage
Provides the consumer with assistance to guide them through the process of restoring and protecting their identity.
Internet Liability
Protection against the first- and third-party risks associated with e-business, the Internet, networks, and informational assets.
Property Insurance
Protection against most property risks, such as fire, theft, and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, or boiler insurance.
Student Accident Insurance
Coverage designed to protect schools and other institutions from financial loss due to legal action and direct medical costs incurred from accidental injury.
Tuition Fees Insurance
Indemnification of a school for the loss of tuition and room and board fees when it is forced to suspend classes because of a perilous occurrence.
Umbrella
Umbrella insurance refers to a liability insurance policy that protects the policyholder’s assets and future income above and beyond the standard limits set on their primary policies.
Workers’ Compensation Insurance
Provides compensation and medical care for employees who are injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence.
While necessary insurance coverage types and limits vary by the charter school and by state, we still want to provide a glossary of the most common coverages associated with Charter and Private Schools:
Abuse/Molestation Coverage
Provides defense and indemnity protection for charter schools against claims arising from abuse and molestation allegations. This coverage is typically excluded on any other policy.
Automobile Liability
Coverage if a charter school is legally liable for bodily injury or property damage caused by an automobile.
Business Income
Time element coverage pays for loss of earnings or income when business operations for a charter school are interrupted, curtailed, or suspended due to property loss as a result of an insured cause of loss.
Directors’ & Officers’ Coverage
Provides financial protection for the directors and officers of your charter school in the event they are sued in conjunction with the performance of their duties as they relate to the educational institution.
Educators’ Error & Omissions (Professional Liability) Insurance
Protects your charter school from claims arising from the failure to perform within the scope of your professional duties that result in damages to another party.
Employee Benefits Liability
Coverage for wrongful acts committed to administering a charter school’s employee benefits program.
Employment Practices Liability
A form of liability insurance covering wrongful acts arising from employment practices such as wrongful termination, discrimination, and sexual harassment.
Fidelity/Crime Insurance
Protects organizations from loss of money, securities, or inventory resulting from a crime. Common Fidelity/Crime insurance claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.
General Liability
Coverage for a charter school when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of the school, when someone is injured as the result of using the product manufactured or distributed by the charter school, or when someone is injured in the general operations of a charter school.
Identity Theft Coverage
Provides the consumer with assistance to guide them through the process of restoring and protecting their identity.
Internet Liability
Protection against the first- and third-party risks associated with e-business, the Internet, networks, and informational assets.
Property Insurance
Protection against most property risks, such as fire, theft, and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, or boiler insurance.
Student Accident Insurance
Coverage designed to protect schools and other institutions from financial loss due to legal action and direct medical costs incurred from accidental injury.
Tuition Fees Insurance
Indemnification of a school for the loss of tuition and room and board fees when it is forced to suspend classes because of a perilous occurrence.
Umbrella
Umbrella insurance refers to a liability insurance policy that protects the policyholder’s assets and future income above and beyond the standard limits set on their primary policies.
Workers’ Compensation Insurance
Provides compensation and medical care for employees who are injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence.