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To mark the beginning of a new school year we are pleased to send you this “Back to School” special edition Oval Education newsletter.

In this edition we will highlight the launch of a new Oval Education offering for staff absence and the launch of Oval Risk Services new education risk management portal SchoolSHARE.

As Academy Trust schools prepare for a change in the funding of their insurance cost from a reimbursement to a per-pupil basis, we also look at some of the factors that will be critical in schools mitigating the impact. Schools should not be afraid to ask their advisors specific questions about how they are planning to support them in these changes.

As one of the leading UK insurance brokers experienced in the school and education sector, Oval Insurance Broking (Oval) will work with schools to calculate and work towards the allocated funding for insurance.

Oval can also provide professional support on managing risk and understanding a historic claims experience, with the aim of improving internal procedures and reducing overall insurance premiums.

Wishing you, your staff and your students every success in the 2013/14 school year.

September 2013

Insurance Guidance and Recommendations for Academy Trust SchoolsWith the changes in the funding of insurance for Academy Trust schools announced earlier this year, many schools are now looking at ways of mitigating any financial impact.

Like any process it is important to engage professionals as early as possible. Even within Long Term Agreements, which are commonplace within the education sector, the basis of cover can be amended to better suit your requirements. Cover which was considered a luxury, may not now be relevant or pertinent for you.

As premiums and the support and advice you receive become more cost sensitive, what is important to understand, is that there is no short-cut to long-term premium reduction.

Long term premium reductions will only be achieved through demonstrating good internal risk management and evidence of a healthy claims experience.

In an insurance market where insurers are attempting to increase rates due to a range of factors, you will be best served through a broker who is independent and has access to a range of insurers from which to build your insurance programme.

If your broker has access to health and safety support to assist you in establishing and evidencing good practice this will help put a stronger case to both existing and prospective insurers, who are increasingly looking for evidence of quality risk management, to give the discounts which will ensure competitiveness of premium.

Finally a knowledgeable broker will give professional recommendations based on cost benefit analysis for your existing cover. This needs to be balanced against emerging risk areas such as breach of data protection and losses arising from hacking and viruses.

Now is a good time to challenge some of those traditional assumptions around insurance purchase and to create or update a programme that is specific for your own risks and requirements and is supported by passionate and innovative thinking.

Introduction

In this Issue Insurance Guidance and Recommendations for Academy Trust Schools Staff Absence Insurance Cover

SchoolSHARE Oval Risk Services Launches Online Risk Management Portal

Increased Focus on Governor’s Role and Responsibilities

Oval Education

Oval Risk Services Launches Online Risk Management Portal Oval Risk Services (ORS) the risk management division of Oval has received a very positive response to the launch of its new SchoolSHARE facility.

ORS has recognised that as autonomy and independence increases, within the education environment, the risks and responsibilities also increase. Health and safety as a legal requirement has been with us since 1974 and schools have a duty to ensure a safe working environment for their employees and pupils.

When inheriting a Health and Safety Management legacy system it is important to understand if it meets a school’s ongoing requirements, and also whether or not it currently operates within its parameters effectively.

Increasingly schools will be expected to demonstrate their compliance with legislation to a variety of stakeholders including governors, trustees, parents, regulatory bodies and inspectors.

Insurers will also be assessing your ability to prevent incidents and also defend and protect your position should actions be brought against you following any alleged or actual injuries.

SchoolSHARE is ORS’s bespoke Safety, Health and Risk Management enhancement service for schools and has been designed to meet all these challenges and to go way beyond a ‘tick-box’ exercise. This is achieved by providing robust analysis and support from experienced consultants.

Contact us to see how this facility can benefit you and your school.

Staff Absence Insurance CoverWith greater financial independence many schools are now looking at ways in which their school budget can be protected from unexpected additional expenditure. One of the principal exposures is through unexpected staff absences.

In response to this Oval can offer an affordable insurance solution to minimise the impact of staff sickness and the subsequent costs a school, could incur.

The key advantage is the flexibility of the policy so a school can determine its own daily benefit allowance and their own deferment or ‘excess’ period.

To support this product Oval has recruited an experienced Staff Absence Executive with a track record in developing and servicing schools with these requirements.

Contact us to discuss your own requirements and the options available to you in more depth.

September 2013

SchoolSHARE

www.theovalgroup.com

Increased Focus on Governor’s Role and ResponsibilitiesRecent new stories suggest greater scrutiny is being thrown on the roles and responsibilities of school Governors in England and Wales.

A document published by the Education Funding Agency (EFA), the regulator of academies, in July 2013, which was drawn up following consultation with the Charity Commission, emphasises the need for transparency around a Governor’s conduct and the role they play within a Trust.

The EFA’s External Assurance Team, which compiled the report, highlight some of the themes that have emerged from auditor’s management letters following publication of academies accounts in 2011/12.

Amongst the themes is ‘inadequate risk management arrangements’. This is a concern as robust and vigorous internal risk management is a significant contributing factor to the success of an organisation.

It is also the principal method in which a Trust will be able to defend itself from actions brought against it. When this occurs it is expected that a Governors and Trustees Liability policy will respond. From our experience the precise wording and policy contracts varies greatly between insurers and it is therefore important that these differences are understood. For example some insurers will not cover all employees but restrict cover to certain named and defined positions.

Greater independence has seen many schools advance and move into areas they previously would not have done. This brings its own risks though as the potential for legal actions to be brought increases.

Demonstrating good internal risk management will in itself generate confidence from insurers in a Trust.

Please contact Oval to discuss your own requirements around Governors and Trustees Liability cover or how to better demonstrate your internal risk management.

Would you like to talk?If you have any questions, or would like to explore how you can make your insurance and risk management work harder for your school, we’re here to help

Call us on: 0800 612 6223 Or email: ib-enquiries@theovalgroup.com

September 2013

Oval Insurance Broking Limited. Registered Office: 9 South Parade, Wakefield, WF1 1LR. Registered in England No: 01195184 Authorised and regulated by the Financial Conduct Authority.

Oval Risk Services is a division of Oval Insurance Broking Limited. Registered Office: 9 South Parade, Wakefield, WF1 1LR. Registered in England No: 01195184.