NEW YORK, April 8, 2014 (GLOBE NEWSWIRE) -- Hiscox, the international specialist insurer, today announced expanded protections in their suite of insurance coverages for higher education institutions. Colleges and universities are facing a growing array of risks, and courts have recently found more institutions across the US liable for violations under the Clery Act, Title IX and other laws and regulations. Hiscox coverage protects colleges, universities and their employees from the specific risks faced by higher education institutions, including the failure to educate, tenure/promotion decisions and the exposure of private data.
The Clery Act is one area where higher education institutions are increasingly being cited for neglecting their responsibility to inform students about acts of harassment, campus crime and other potential dangers to their well being. Enforcement of this act has increased exponentially in recent years with fines of $35,000 for each violation. In 2013, the US Department of Education issued $1,455,000 in fines for Clery Act violations – nearly equal to the $1,650,000 issued in the prior 22 years combined. Hiscox's Higher Education Portfolio covers costs associated with both Clery Act investigations and violation claims.
"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, Practice Leader – Executive Risk for Hiscox USA. "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."
Hiscox Educators Legal Liability policies provide coverage for common liability claims including the failure to educate, failure to grant due process regarding disciplinary matters, discrimination and reputational risks associated with campus violence. Hiscox policy endorsements also cover higher education institutions for data breach/privacy exposures related to medical and financial records and the associated reputation loss. Ensuring the safety of students travelling abroad and protecting against employee theft are additional exposures Hiscox covers through Special Protection Solutions and Crime/Fiduciary endorsements.
In the US, Hiscox provides Executive Risk insurance coverage, including specialized policies for Higher Education risks, along with a diverse portfolio of professional liability and other commercial insurance to US domiciled entities. Hiscox has US offices in New York, NY; Atlanta, GA; Chicago, IL; Los Angeles, CA; San Francisco, CA and White Plains, NY.
Additional information can be found at www.hiscoxbroker.com
Follow Hiscox USA on Twitter @Hiscox_USA.
For further information please contact:
Hunter Hoffmann
646-442-8341
hunter.hoffmann@hiscox.com
Kate Dillon
203-254-1300 x115
kdillon@prosek.com
About Hiscox in the U.S.
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group – Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox International includes operations in Bermuda, Guernsey and the USA. Hiscox Syndicates Ltd is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The ability of syndicates at Lloyd's to do business in the USA, and its territories, is restricted as they are not US-based insurers. Hiscox Underwriting Limited and Hiscox ASM Limited are authorized and regulated by the Financial Conduct Authority.
Hiscox Inc., a Delaware corporation headquartered in New York, d/b/a Hiscox Insurance Agency in CA, is a licensed insurance intermediary for admitted and surplus lines business. Hiscox Inc. underwrites on behalf of, and places business with, Hiscox Insurance Company Inc., other domestic insurers, and syndicates at Lloyd's (www.lloyds.com). Hiscox Insurance Company Inc. is a Chicago, IL domiciled insurer which is admitted or licensed to do business in all 50 states and the District of Columbia.