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Member, Beacon International Group, Ltd.
BOSTON—Lexington Insurance Co. has launched insurance coverage for colleges and universities that reimburses the loss of tuition-related income when an international student withdraws from the school due to a catastrophic event in the student's home country.
According to the Institute of International Education Inc., more than 700,000 international students enrolled at U.S. colleges and universities during the 2010-2011 academic year, the Boston-based unit of Chartis Inc. said in Wednesday statement.
“These students typically pay premium tuition rates and receive little to no funding from the college or university,” said Erik Nikodem, senior vp and property division executive at Lexington, in the statement. “If a catastrophe event in their country causes these students to withdraw, the financial impact to the college or university could be substantial.”
The coverage is triggered by a catastrophic event such as a flood or earthquake in a foreign country and reimburses colleges or universities for the financial exposure as they recruit and admit foreign students from catastrophe-prone regions, the company said.
The program, HELP—International Catastrophe, is part of the insurer's Higher Education Loss Protection suite of coverages and is available by endorsement to Lexington's property insurance policy, according to the statement.
For more information, contact Valerie Turpin, higher educational property product line manager for Lexington, at 212-458-3947 or valerie.turpin@chartisinsurance.com.