Hiscox Ltd. has expanded protections in its insurance coverages for higher education institutions to meet their increasing risks.
Courts have recently been finding more colleges and universities across the U.S. liable for violations under the Clery Act, Title IX and other laws and regulations, the New York-based insurer said in a statement Tuesday.
The new features include an amended definition of “claim” that includes investigative cost coverage for Clery Act violations; an expanded definition of “reputation risk event” to include campus violence, infectious diseases, data breaches, embezzlement and bullying or hazing; expanded errors and omissions coverage for individual insureds in the performance of professional services; and privacy/data breach coverage, a Hiscox spokesman said.
The Clery Act cites institutions for neglecting their responsibility to inform students about acts of harassment, campus crime and other potential dangers to their well-being and Hiscox's higher education portfolio covers costs associated with both Clery Act investigations and violation claims, according to the statement.
“The exposures of higher education institutions continue to increase, and our coverage has adapted to cover both traditional and new perils,” said Bertrand Spunberg, senior vice president and executive risks practice leader for Hiscox USA, in the statement. “Hiscox provides the specific protections colleges and universities need for exposures related to their students and staff whether they are on campus, online or studying abroad.”