Cover Available
By self-managing the pool retained for possible claims, our members retain control of cover provision, underwriting and claims data, costs and pricing. We also purchase traditional insurance in the general insurance market for catastrophe claims.
We cover all classes in a package solution, ranging from material damage and business interruption to liability covers, including public liability, clinical trials and medical malpractice. Other classes include personal accident and travel, with employers’ liability arranged through our sister company, UM Services Ltd.
Surpluses
Any surpluses generated in indemnity years are returned to members, rather than remaining in the commercial insurance market – an impressive £15m to date.
Our philosophy is one of retaining the benefits of robust risk management practices within member institutions by:
- Collective self funding
- Administering claims within the group pool
Our in-house strategic investment and risk management guidance impacts positively on the loss profiles of member institutions.
It is an approach that allows us to control cover costs and obtain preferential rates and cover improvements through our considerable purchasing power.
Our retention level is substantial across all mutual cover classes, allowing us to retain a high percentage of paid contributions.
The benefits to members include a unique approach to rating to encourage greater self-retention of risk. We also provide a comprehensive range of added value services to support members.
- Higher Education Property
- Further Education Property
- Employers Liability
- Public Liability
- Professional Indemnity
- Personal Accident and Travel
Furthermore, to provide a one-stop facility, UM Services Ltd - an FSA registered broker - deals with insurance policies suited to the particular needs of the education sector. UMSL places insurance policies with a small selection of specialist insurance companies.
Some of the classes of covers include:
- Employers’ Liability Insurance
- Event Insurance
- Farming Insurances
- Fine Art Insurances
- General Small Business Combined Insurances
- Legal Expenses Insurance
- Marine Insurances
- Motor Insurance
- Pension Trustee Liability Insurance
- Public Liability Insurance
- Holiday Travel Insurance
- Terrorism Covers:
i Property Damage and Business Interruption – provided via UM Association (Special Risks) Ltd
ii Liability excess layers
