Since 2004, WICHE has partnered with the Midwestern Higher Education Compact (MHEC) to expand MHEC's Master Property Program (MPP) and Property & Casualty Program (P&CP) to include institutions in the WICHE region. The two programs can help institutions in the West improve their insurance coverage and lower premium costs. Members buy property insurance as a group and benefit from the financial stability and 14 years of experience and continuity of the MHEC group. The MPP's broad manuscript form is responsive to higher education's unique property exposures; the program also offers excellent engineering and loss control services tailored to the requirements and interests of each institution. Institutions in the MPP participate in an annual loss control workshop to address a range of risk management topics. The new Property & Casualty Program will serve institutions with enrollments of up to 7,500 students.
MASTER PROPERTY PROGRAM (MPP)
The Master Property Program provides comprehensive property coverage, specifically tailored to the needs of today’s college campuses, while reducing insurance costs and improving asset protection. The program has generated more than $40.1 million in savings since 1994 for its participating institutions. Lexington AIG is the program underwriter and Marsh and Captive Resources, Inc. jointly administer the program under the direction of a leadership committee that is representative of the insured institutions. Membership includes over 100 campuses (47 members) with total insured values of over $58.2 billion.
In June 2004, MHEC approved an agreement with the Western Interstate Commission for Higher Education (WICHE) to make the program available in the WICHE region. The goals of the program are to secure broad insurance coverage and services to meet the special needs of its participating member institutions; to reduce premium costs; to stabilize premium rates over time; and to provide group dividend returns when favorable loss experiences are achieved. The program provides excellent engineering and loss control services tailored to the requirements and interests of each member institution, as well as the group as a whole. The program also prides itself on assisting institutions with quality and timely claims service when catastrophic claims occur.
PROPERTY & CASUALTY PROGRAM (P&CP) A Risk Management Solution for Smaller Institutions
A second program is available to meet the property insurance needs of smaller colleges and universities. The long-term objective of the program is to move towards a risk-pooling arrangement similar to the MHEC Master Property Program (MPP). Many of the smaller institutions need to leverage their casualty and property coverage together and many have found the minimum policy deductible of the MPP too high.
The Property & Casualty Program (P&CP), launched in Spring 2004, is designed for institutions with enrollments averaging around 7,500 students or less. WICHE and MHEC welcome new members that have implemented good risk management practices on their campuses and who have taken preventative measures to reduce avoidable losses over the years, and have a desire to work together for the mutual benefit of all members.
CORE COVERAGES:
"All Risk" Property (Earthquake, Flood, Business Income, Boiler & Machinery)
Crime
General Liability (Police Professional, Employer's Liability/Stop-Gap, Employee Benefits Liability, Garagekeepers)
Auto Liability (Liability, Physical Damage, Statutory Coverages-UM/UIM)
Educator's Legal Liability
Fiduciary Liability
Foreign Liability
Miscellaneous Professional (Allied Health)
Umbrella/Excess Liability
NON-CORE COVERAGES:
Workers' Compensation including Employer's Liability
Non-Owned Aviation/Owned Aviation
Medical Malpractice/Health Center (Other)
Internet Liability (Cyber Risk)
Environmental
For further information about these programs, please contact:
Jere Mock, Director of Programs and Services
Western Interstate Commission for Higher Education
Phone: 303.541.0222 or email: jmock@wiche.edu
Susan Vermeer Lopez, Project Coordinator
Western Interstate Commission for Higher Education
Phone: 303-541-0220 or email: slopez@wiche.edu
Rob Trembath
Midwestern Higher Education Compact
Phone: 612.624.1812 or email: robt@mhec.org
Elizabeth Conlin (Beth), Program Administrator
Marsh-Cleveland
Phone: 216.937.1553 or email: elizabeth.a.conlin@marsh.com
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