One of the best ways to minimize or prevent losses is to have a broker who understands and works to limit your risk exposures before problems arise. At Gallagher, we know that effective coverage and loss prevention is the cornerstone of a successful risk management program. Additionally, our signature risk management consulting services are accessible to colleges and universities on a fee basis.
Higher education risks are dramatically changing. We are constantly working to provide the latest information and resources. Some of the resources we've developed include a series of white papers and exposure checklists on the top risk management concerns facing the higher education community today.
- Cyber risk mitigation checklist
- Risk transfer issues for contractors
- Natural catastrophes
- Collaborative groups and enterprise risk management
- International education
- Minors on campus
- Experiential learning
Our Higher Education risk solutions, services and coverages include:
- Traditional insurance brokerage
- Consulting on all aspects of risk management and insurance including international travel risk assessment, strategic risk assessment and tabletop crisis exercises & planning
- Alternative risk financing mechanisms
- Review of third-party contract guidelines and administration of claims
- Operations review of your risk management department
- Interim risk manager for your team
- Claims consulting and advocacy
- Enterprise risk management design and implementation
- Crisis management and continuity of operations mentoring
- Specialized loss control services
- Structuring of reinsurance programs
- Captive and rent-a-captive programs
- RFP specification design and contract reviews
- Loss portfolio transfers and liability buyouts
- Program administration
- Appraisal services
- Manuscript policy development
- Cyber risk evaluations
- Tracking and issuance of outgoing Certificates of Insurance
- Construction wrap ups (owner-controlled insurance projects)
- Owners protective professional liability
At Gallagher, our experts have decades of experience designing insurance pools for a range of higher education clients. As a diverse organization you are uniquely situated to take advantage of a risk management pool. An insurance pool is a multiple-member, risk-sharing arrangement where similar organizations pool their funds together to finance an exposure, liability, risk or some combination of the three. Rather than purchasing insurance and risk management services through traditional insurance providers, pools share funds to procure coverage themselves.
What are the benefits of insurance pools?
- Pricing stability: Pools can purchase higher limits of insurance at a lower cost.
- Leverage: The power of group purchasing creates broader coverage and more favorable terms for members.
- Customization: This overarching feature of our member-driven services encompasses risk control, claims management and training.
- Innovation: Pools can develop unique coverage offerings.
- Ownership: Members own the pool, including any surplus/equity if losses are lower than expected.
- Flexibility: Pools respond to individual members’ needs through deductibles, varying self-insured retention (SIR) levels and special coverages.
- Control: Members are more involved in key decisions such as claims resolution, funding levels and services.
After initial discussions and evaluations, your Gallagher team will help you determine if an insurance pool is appropriate. Pools can be incredibly beneficial but also quite complex. They can have layers of coverage, insurance, excess insurance, reinsurance and different deductibles for different members. Additionally, we offer the option to handle your pool administration. This includes handling risk assessment and control services, exposure data management, cost allocation, claim review, loss review, third-party claim administration, issuing certificates of insurance and contract review.