Educational institutions provide a valuable service to students of all ages, but those futures could be wiped away without a strong insurance policy. Commercial insurance for schools can protect your students, faculty, and facility—but there are many options specifically for educational institutions that may be worth the extra investment. Attorney Bill Voss examines insurance options for learning centers that can help students and staff recover after a tornado.
Special Tornado Damage Considerations for Schools and Universities
Whether you oversee a charter school, learning annex, community college, trade school, major university, or other public or private educational institution, it is vital that you have insurance that is tailored to the specific needs of your school. Comprehensive commercial physical damage insurance will go a long way toward making repairs, but there are also some essential add-ons to a property damage policy, including:
- Special equipment losses. Property damage insurance will typically cover the structure as well as the inventory and furniture inside, but there may be limits that do not allow replacement of specialty equipment. Owners may need to purchase additional coverage for high-cost items, including sporting equipment, bleachers, science and technology labs, and computers and multimedia equipment.
- Commercial auto. Commercial vehicle coverage can replace lost or damaged school buses, shuttles, and employee vehicles, and it may also cover additional transportation expenses (such as renting school buses or charter vehicles until repairs are made).
- Inland marine coverage. Tornadoes can affect multiple districts, and any inventory that is not on your insured property at the time of the event may not be covered. With inland marine insurance (also called "floating" property insurance), any school property damaged at another location will be covered, such as sports paraphernalia, audio/visual equipment, and equipment that has been rented to students and teachers.
- Business interruption. Business income loss is one of the most important forms of coverage for any commercial enterprise. This coverage pays to replace lost revenue while repairs are underway, allowing the university to open a temporary location in a safe area, or operate portable or online classrooms for students impacted by the tornado.
If you need help with your tornado damage insurance claim, we can work to get you full and fair payment to make repairs and reopen your doors. Please contact the Voss Law Firm at 888-991-3212 or simply fill out the form on this page today to get answers to your questions.