Marsh Canada Limited

TENANTS INSURANCE PROGRAMFOR STUDENTS LIVING IN UNIVERSITY AND COLLEGE RESIDENCES MASTER POLICY PURCHASED BY THE UNIVERSITY

As the manager of student housing, you are faced with a number of unique challenges as post-secondary institutions look to reduce costs and maximize revenues. One such challenge is ensuring your students maintain adequate tenants insurance coverage while living in residence.

Marsh Canada Limited (Marsh) has developed a Tenants Insurance Program for students in university and college residences. Through this unique insurance program, managed by Victor Canada and underwritten by Aviva Canada, students who elect to participate in the program are provided with tenants insurance coverage. A Tenants Insurance Program written on a master policy is the smart, simple and economical way to help ensure your students are covered for contents, additional living expenses, and liability risks – all while protecting your commercial insurance policy against undue claims.

Under this program, the university purchases a master policy that provides insurance coverage for all students who opt to participate in the program. A bordereau listing the names of the students covered under the program is submitted to Marsh. These students will receive a Certificate of Insurance in their name outlining the coverages provided by the policy. The master policy annual premium is calculated based on an annual premium of $60/student and the anticipated participation in the program. The annual premium can be paid in equal monthly installments (subject to a 3% service fee). An adjustment clause may be endorsed onto the master policy. At the end of the policy period the university will receive a return premium if participation in the program is less than projected, or will pay an additional premium if the number of students in the program is greater than projected.

COVERAGE HIGHLIGHTS

• A master policy covering residents of student housing who elect to participate in the program. • Contents $10,000 (All Risks coverage*; Replacement Cost) • $500 deductible • Additional Living Expenses $2,500 • Personal Liability $1,000,000

*Subject to policy conditions and exclusions

Your Tenants insurance coverages will be placed with a program administered by Marsh Canada Limited. Marsh Canada has engaged in a competitive marketing process to offer a competitive product. We have negotiated this Program on a group basis with the insurer but we have not acted as a broker for any individual participant. This Tenants Insurance Program may be for a term of several years and may not be negotiated annually.

Information in this brochure represents a synopsis of coverage and is provided as a reference only. The actual policy, including endorsements determines coverage. It contains exclusions, limitations and other provisions not referenced (or only briefly summarized) here and the policy should be consulted for full coverage terms, conditions and requirements. Deductibles may apply. For exact terms, definitions, limitations, and exclusions, please speak with your licensed Marsh Canada Limited insurance broker, or refer to the policy wording. This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. Marsh is one of the Marsh & McLennan Companies, together with Guy Carpenter, Mercer, and Oliver Wyman.

Marsh is one of the Marsh & McLennan Companies, together with Guy Carpenter, Mercer, and Oliver Wyman.

Copyright © 2016-2020 Marsh Canada Limited and its licensors. All rights reserved. www.marsh.ca

PCS0055 (C150602TB): 2020/02/19

BENEFITS TO THE UNIVERSITY AND STUDENTS

• Provides an important and valuable component of the university’s risk management strategy to transfer risk from the university’s commercial policy in the event a student’s negligence is responsible for the loss.

• Managing your liability risk by transferring risk to a tenant’s insurance policy improves the university’s risk profile and may result in lower premiums and/or broader coverage relative to similar risks without a master policy covering all residents.

• Protects your assets while helping students recover from financial losses for loss of property or damages for which they may be found responsible.

• Provides real value to students and the university. The modest cost gives peace of mind that students have access to affordable insurance to cover their personal property, and liability coverage to insure against negligent acts while protecting the university’s assets or exposure to financial losses.

• Marsh will assist with program administration including hosting a web page for any students who wish to “opt-out” of the program, and issuing policy documents to the students.

CLAIMS EXAMPLES

These are some of the many possible losses that could be caused by students living in residence. For each of these examples, if the student had a tenants insurance policy in place, the university may have been able to recover amounts paid for repairs from the student’s insurance policy.

• Students playing with a ball in the hallway of a school-run residence accidentally knocked off a sprinkler head. The resulting water damage to the residence building was over $50,000.

• A student accidentally started a fire in residence which activated the sprinklers in the building. As a result, the university incurred over $100,000 in damages.

ABOUT MARSHMarsh’s Private Client Services is the administrator of this insurance program and an operating practice of Marsh Canada Limited. Marsh is a global leader in insurance broking and risk management.

With Marsh’s Private Client Services, you have access to a team of knowledgeable and experienced insurance brokers, readily available to answer any questions you may have about the program.

Marsh’s Private Client Services offers the strength and stability of a national company with a commitment to professional and

personalized service.

OUR HIGHER EDUCATION PRACTICE

Decades of helping colleges, universities, and school boards

assess and manage risk gives us an insider’s appreciation for the

magnitude of change that has overtaken academia. Our industry-

focused approach to the education sector means that our clients

work with specialists within Marsh who both understand these

issues, and have strong experience in implementing solutions.

ABOUT VICTOR CANADA

Victor Canada (formerly ENCON Group Inc.) is a leading

managing general underwriter (since 1964) that develops,

manages, distributes, underwrites and services insurance

products through a network of broker partners.

ABOUT AVIVA CANADA

Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile,

leisure & lifestyle and business insurance to 2.8 million

customers. A subsidiary of UK-based Aviva plc, Aviva Canada has

more than 4,000 employees focused on creating a bright and

sustainable future for our customers and our communities. Aviva

Insurance Company of Canada is the underwriter of this residents

insurance program.

FOR ADDITIONAL INFORMATION ABOUT THE PROGRAM, PLEASE CONTACT:

MIKE CORCORAN - Private Client Services Practice416 349 4410 | michael.r.corcoran@marsh.com

MURRAY DAVIDSON - Higher Education Practice416 349 4354 | murray.s.davidson@marsh.com

Marsh Canada Limited, 120 Bremner Blvd., Suite 800, Toronto, Ontario M5J 0A8