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Changes to Academies’ Insurance


The Department for Education is changing the way that academies are funded for their insurance premiums.

19 December 2012

The Department for Education is changing the way that academies are funded for their insurance premiums. This will make the system simpler, less bureaucratic and will incentivise better value for money.

Instead of being required to submit a claim for the cost of their premium each year, all academies will receive per-pupil funding for insurance as part of their general annual grant (GAG). This funding will be in two parts:

1. An amount delegated by the local authority through local funding formulae, which is the equivalent to the amount maintained schools receive for insurance. This is estimated to be around £25 per pupil on average.

2. An additional top-up grant of £20 per pupil, to reflect the fact that, on average, insurance premiums are higher for academies than they are for maintained schools.

Source: Department For Education

Incensu says:

Whilst the ‘rules’ regarding insurance are clear from the DfE, schools should seek quotes from the approved insurers and also further reviews on the companies from other schools via the Incensu Register.

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