Q: We are running an expatriate school and have 600 students. Is there any way we can cover our liability against the loss of lives due to accidents? A: The first and foremost cover needed by a school is Property All Risks Insurance. This should be followed by vehicle insurance if you have your own transport facility. Then you should go for Public Liability Insurance. This will provide cover against liability to third parties including the loss of life of students and visitors to your premises. This will also provide cover to third party property damage within the premises or neighboring properties not belonging to the school. For students and your staff, you can buy add-on covers such as Personal Accident coverage. Even though this coverage has limited scope for children it provides some compensation in case of accident. It is also relatively cheaper. Depending upon the strength of staff, you may be closer to compulsory medical insurance. Hence you should also explore the possibility of insuring your staff under medical insurance. There are other classes which may be suitable for you like Money Insurance and Group Life Insurance. Q: I am a pediatrician, working for the past 11 years in Saudi Arabia. I will be completing my MBA in health care services in October. By looking at the enormous scope for the insurance sector here, I am interested in this field. What advice would you like to give me? A: It is true that the health insurance sector will be getting a tremendous boost in the coming few months. The present compulsory medical health insurance scheme has generated tremendous job opportunities for Saudis as well as expatriates. Very soon medical insurance will be compulsory for each and every resident of Saudi Arabia. This will generate almost SR30 billion premium. I would suggest you first try to join a medical insurance company, if not then you should try for general insurance companies handling medical insurance. The third option can be for Third Party Administrators as the current potential for growth under TPA's is quite limited. You may also think of starting in large hospitals or in your hospital which has special doctors designated to handle insurance matters. * Shujaath Ahmed Khan, an M.B.A., General Manager, Creative Associates is also a consultant and an expert in Insurance, Investments and Real Estate. He can be contacted at [email protected], website-www.creativeassociates.blogspot.com __
