College insurance protection now often extends to rape scandals

college dorm insurance students

Institutes of post secondary education are now purchasing coverage for new kinds of risk. As students return to their campuses, this fall, they may discover that college insurance policies are now taking an entirely new shape due to the shifts that are taking place in the culture of these communities. These schools are becoming increasingly aware of the risk that sexual attacks can have when they occur on campus. For that reason, these schools have taken a number of steps to change the way in which accusations of abuse are…

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Insurance refund total of $2.75 million and a fine to be paid by insurer

Health Insurance Refund

A company based in Virginia will be issuing the payments on top of a $1 million fine after being caught overcharging. An insurer based in Virginia will be sending out an insurance refund that totals $2.5 million on top of a fine that will cost almost $1 million in order to settle the claims that have been made that indicate that it had been overcharging students in New York. Estimates are that there were approximately 22,000 students from 37 New York colleges that were overcharged. The insurance refund and fine…

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Michigan State University requires its students to purchase health insurance

Michigan State University has now joined five other schools among the “Big Ten” in adding mandatory health insurance to their requirements for their students. This regulation will function by requiring new students who are starting school at MSU for the first time to either find their own health insurance policy or be billed by the school, which will then provide the coverage for them. According to Kent Cassella, a spokesperson from MSU, “We have partnered with Aetna to devise a specific plan, that’s an MSU sponsored plan for $1,505 a…

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Penn State sex scandal may send ripples through the insurance industry

The recent sexual abuse allegations surrounding Pennsylvania State University have sparked concerns amongst insurers regarding risk. While most of the attention regarding the situation has been aimed on those responsible, insurers have been considering what to do to account for the risk and liability that seems to be inseparable with state universities. Moody’s Investor Services Inc., a ratings agency based in New York, has said that the damage to the university’s reputation may take years to repair. The agency has said that it is considering lowering Penn State’s bond rating,…

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Back-to-school shopping should include adequate insurance coverage for college students

According to the New York Insurance Association (NYIA), it is more important today than ever before that college students obtain adequate insurance coverage for their personal belongings. The reason for this is that school supplies no longer consist of clothing, pens, and notebooks. Instead, they involve a wide variety of expensive possessions that would be quite costly to replace should they ever be damaged in a disaster such as a fire, or if they were ever stolen. Everything from electronics to furnishings, to books come with a large price tag.…

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