|Lexington Insurance Company to Insure International Student Tuition Income Loss Due to Foreign Catastrophes through HELPSM – International Catastrophe|
NEW YORK – February 15, 2011 – Lexington Insurance Company, a Chartis company, today introduced HELPSM – International Catastrophe. This new coverage reimburses colleges and universities for the loss of tuition-related income that results when an enrolled international student withdraws from a college or university because of a catastrophe event in the student’s home country.
“According to the Institute of International Education, more than 700,000 international students enrolled to study at U.S. colleges and universities during the 2010-2011 academic year,” said Erik Nikodem, Senior Vice President and Property Division Executive of Lexington. “These students typically pay premium tuition rates and receive little to no funding from the college or university. If a catastrophe event in their country causes these students to withdraw, the financial impact to the college or university could be substantial.”
HELP – International Catastrophe, the first product to be introduced as part of Lexington’s Higher Education Loss Protection (HELP) suite of coverages, is available by endorsement to Lexington’s property insurance policy. This innovative new product is triggered by a catastrophe event, such as a flood or an earthquake in a foreign country, as opposed to a direct physical loss or damage to the property of the college or university, and it provides critical coverage for the increased financial exposure colleges and universities face as they recruit and admit foreign students, especially those from catastrophe-prone regions of the world.
For additional information about HELP – International Catastrophe, please contact Valerie Turpin, Lexington’s Higher Education Property Product Line Manager, at (212) 458-3947 or firstname.lastname@example.org. You can also visit us at http://www.lexingtoninsurance.com/home_3136_404263.html.About Chartis
Chartis is a world leading property-casualty and general insurance organization serving more than 70 million clients around the world. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.
Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.aig.com/home_3171_411330.html. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.