An agent's perspective
Tom Fallon, senior vice president of Bollinger, Inc, Short Hills, N.J., has been insuring child care centers since the 1980s. He stresses the importance of maintaining key coverages for child care clients, including sexual abuse and molestation coverage. "Many insurers provide this coverage with defense cost outside the limits as an endorsement to the general liability policy," he said. "This should be sought on every child care center insurance policy."
A frequently overlooked area is contents coverage. "A child care center should not only know building values for insurance purposes, but they should know what they have in contents and the current replacement values to establish limits," Fallon said. "Centers need to pay particular attention to business interruption insurance values to avoid losing teachers and revenue in the event of a property loss."
As part of their overall risk management plan, Fallon recommends child care centers develop and maintain a disaster recovery plan, including the use of temporary facilities to try and maintain business operations if necessary.
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