The risk
The Authority provided mutual funds for schools in North Yorkshire (including the City of York) and participation in the fund was good with 97% of primary schools and 50% of secondary schools buying in. However, the risk of deficit was identified as high by the Local Authority’s Risk Management Specialists.
The solution
The Local Authority wanted to provide more security for their schools and therefore looked to the commercial market for a solution. BEST’s stop loss product was assessed and found to meet the needs of the Authority.
The scheme 2002 – present
“The stop loss insurance has allowed North Yorkshire County Council to continue to provide an independent staff absence insurance scheme to schools. The scheme is constantly being adapted to meet the ever changing needs of Schools over the years and the stop loss insurance has provided the financial stability, in years of heavy claims, to do this.”
Margaret Land,
Financial Management Services Officer,
North Yorkshire County Council
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