Posted on 23 Feb 12
Lexington Insurance Company, a Chartis company, today introduced HELPSM – International Catastrophe. This new coverage reimburses colleges and universities for the loss of tuition-related income that results when an enrolled international student withdraws from a college or university because of a catastrophe event in the student’s home country.
“According to the Institute of International Education, more than 700,000 international students enrolled to study at U.S. colleges and universities during the 2010-2011 academic year,” said Erik Nikodem, Senior Vice President and Property Division Executive of Lexington. “These students typically pay premium tuition rates and receive little to no funding from the college or university. If a catastrophe event in their country causes these students to withdraw, the financial impact to the college or university could be substantial.”
HELP – International Catastrophe, the first product to be introduced as part of Lexington’s Higher Education Loss Protection (HELP) suite of coverages, is available by endorsement to Lexington’s property insurance policy. This innovative new product is triggered by a catastrophe event, such as a flood or an earthquake in a foreign country, as opposed to a direct physical loss or damage to the property of the college or university, and it provides critical coverage for the increased financial exposure colleges and universities face as they recruit and admit foreign students, especially those from catastrophe-prone regions of the world.
For additional information about HELP – International Catastrophe, please contact Valerie Turpin, Lexington’s Higher Education Property Product Line Manager, at (212) 458-3947 or firstname.lastname@example.org. You can also visit us at www.lexingtoninsurance.com.