Insurance Archaeology for Schools - Protection from Historic Liabilities
For many schools and colleges some of the greatest vulnerabilities they face come in the form of historic claims. For example, asbestos-related health conditions have a long latency period, meaning it can be many years before symptoms appear and you receive a claim from a former employee or pupil. Similarly, and by its very nature, an historic abuse claim could be made many decades after the alleged event.
With changes of ownership, staff, and insurers, this is no easy task. The time this type of work takes when working with current and previous insurers – especially when going back through the decades – could result in significant reputational damage to the school should an issue arise.
To help mitigate these risks schools and colleges should look to establish their historic insurance arrangements as far back as they can, even if no claim has been intimated.