As the number of shootings in schools rises, interest in coverage is growing as well.
Active shooter insurance has found itself in the spotlight as schools become increasingly interested in the coverage. For instance, since the February 14 Florida high school shooting, seven South Florida school districts have purchased these insurance policies.
The active shooter coverage is a relatively recent product for many agencies.
The primary market for active shooter insurance has traditionally been event halls, office buildings and other places where large numbers of people come together. This type of policy provides coverage for expenses linked with shootings in specific pre-determined spaces. In the current ecosystem in the United States, schools have been investigating these policies.
The typical policy pays as much as $250,000 per shooting victim. It covers death and serious injuries such as disability and blindness. Additional medical coverage may also apply, depending on the size of the policy.
Active shooter insurance and active assailant policies are on the rise for schools.
As of yet, a survey of all school districts across the United States does not yet exist. That said, insurance companies throughout the country are reporting increased calls investigating active assailant policies.
School districts frequently find that they have inadequate general liability policy coverage for expenses that would occur as a result of a violent incident. Parkland, Florida’s tragedy in February was an eye-opener for many school administrators.
Among the costs that can occur following a violent incident like that include: lawsuits from victims, legal fees, building repairs, trauma counseling and medical expenses, not to mention charitable contribution accountants, media consultants and in some scenarios, the reconstruction of the buildings where the disaster took place.
“This is a very sort of unique and specific issue that we are facing,” said Beazley PLC’s Chris Parker. Parker heads the unit writing policies for terrorism, political violence and other similar forms of risk.
Unfortunately, Parkland was far from the last shooting incident in a school. Recently a student exchanged gunfire with a campus security officer at a Maryland high school. That shooter wounded two students and was killed in the incident. Schools are finding these threats far too close to home and are looking into active shooter insurance to help protect themselves.