The five main areas covered in the SCI scheme are material damage to school property, burglary of school property, and accident cover for students, public liability insurance and optional life/educational benefit.
Stanbic Bank Uganda through its bancassurance services has launched School Comprehensive Insurance (SCI), a financial solution that protects school administrations against a range of risks including property damage, accidental injuries to students and theft of their personal effects.
The five main areas covered in the SCI scheme are material damage to school property, burglary of school property, and accident cover for students, public liability insurance and optional life/educational benefit. Buildings, furniture, fittings and fixtures as well as office equipment all fall under school property.
Emma Mugisha, the Stanbic Bank Executive Director and Head of Business Banking, said at the launch of the product at Golden Tulip in Kampala on Wednesday; “As Stanbic, we have been revising ourselves and finding new ways through which we can be more relevant to our communities. By introducing School Comprehensive Insurance, we are providing solutions to challenges that schools have been facing like accidental fires that have been on the increase, we need to find comprehensive solutions to every day challenges and that we can do by offering you an insurance partnership.’’
Tiche Makonese, the Stanbic Bank head of Insurance said: “The Covid-19 pandemic and any other hinderances that may stand in a way of educating our learners need some kind of insurance. Some of the disruptions that schools face like fire brazing up school buildings, students getting hurt on the playground, parents and guardians facing calamities and leaving learners without anyone to pay their school fees are always out of our control.
We may not always be in control of situations, but we must always find a way to prepare for and deal with such uncertainties, that’s why the bank is innovating more insurance products.”
Speaking at the same event, Mulindwa Ismael, the Director Basic and Secondary Education at the Ministry of Education and Sports, applauded Stanbic Bank for being innovative and giving a helping hand to schools that were disrupted by the Covid 19 pandemic and other disruptions like accidental fires.
“As a ministry, we have been concerned about the fires that have gutted the schools over the years, with some leading to loss of lives which is very sad.
In many cases, schools have not been able to refurbish the affected infrastructure as well as compensating the affected students. When I see Stanbic Bank coming out to support in that particular issue, we can say there could not be a better timing for such a product,” he said.
Mike Kironde, Chairman Proprietors of Private Educational Institutions Association in Uganda said: “As an association, we are very excited that Stanbic Bank is coming up with a product that resolves some of our problems. This insurance is something key for the sector and we are ready to benefit from this.”
The Schools Comprehensive Insurance will cover material damage, including fires, riots, strikes by students and other civil commotions, burglary like theft of computers, lab equipment, textbooks and related items and accident cover for students including medical expenses, permanent disability and last expenses.
The costs accrued in accidental injury or death to third parties on school premises or wrongful detention also at school premises fall under Public Liability Insurance.