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PAISBIG
Business Insurance Group
Objectives:The objectives of the Philadelphia Area Independent School Business Insurance Group (PAISBIG) are to provide its members with effective safety and risk management techniques that will reduce their exposure to accidents and potential losses. Best practices and a proactive approach to risk management have enabled the group to reduce its losses and earn substantial (about $1 million per year) in dividends.In addition to proactive risk management PAISBIG uses a consortium to obtain insurance products that offer broad protection, premium stability and coverage enhancements that are specifically targeted to schools. PAISBIG’s business partners provide a high level of service to its members.. |
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Products and Services:PAISBIG members are eligible to purchase carefully selected business insurance products that are designed to cover school risks, including commercial package (property & liability) automobile, inland marine, Director’s & Officers and student accident insurance (that also can cover volunteers).PAISBIG has negotiated an agreement with American Appraisal Associates, Inc. to obtain appraisal services (please see contact information.) American Appraisal Brochure |
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History:At its founding in 1997 PAISBIG solicited 6 insurance agents and 30 insurance companies to select the best insurance products and services. PAISBIG constantly reviews the performance of its business partners to ensure that members receive the best insurance coverages at reasonable prices. In 2008 the group consisted of 40 schools with $5.3 million of insurance premiums. |
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Activities:As part of its loss prevention efforts PAISBIG sponsors educational programs and seminar on numerous topics including employment and education service claims, loss control and prevention, etc. Our insurance companies provide extensive educational reference materials to our members.PAISBIG employs an independent risk management consultant to monitor the activities of its business partners. The consultant also provides customized risk management assessments for member schools; improves risk management policies and provides support for safety committees and other risk management activities. PAISBIG is governed by a Board of Directors composed of business officers from its member schools. Members are strongly urged to serve on the Board. |
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Achievements:Over the past 10 years the group has reduced its losses to such a low level that substantial dividends (about $1 million per year) have been earned. The low level of losses also means that accidents to students, teachers and employees have been reduced and property damage has been minimized. |
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Criteria for Participation:A prospect must be a member of PAISBOA. The school will be underwritten by the insurance company and the agent. If qualified, the prospect will be submitted to the PAISBIG Board for approval.Each member school is required to attend at least one PAISBIG sponsored educational seminar every year. In order to keep losses at a low level, members must have:
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Costs and/or Fees:Participating members pay a one-time fee of 1% of their participating annual premium at the end of their first year of membership. |
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Risk Management Materials For All SchoolsVan Driver Safety Checklist |
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Contacts:
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To view the PAISBIG Committee please use the following link:
For more information about PAISBIG, please contact:
Neil Fanelli
610-363-5330
610-363-5367 fax