Stanbic bank has unveiled its latest product, the School Comprehensive Insurance (SCI) that provides cover against disasters such as fire and other natural calamities.
It also protects school administrations against a range of risks including property damage, accidental injuries to learners and theft of their personal effects.
Among the five main areas covered in the SCI scheme are material damage to school property, burglary of school property, and accident cover for students, public liability insurance and optional life/educational benefit.
Buildings, furniture, fittings and fixtures as well as office equipment all fall under school property.
According to the Stanbic bank executive director and head of Business Banking, Emma Mugisha, the bank’s product development strategy is motivated by its business purpose— driving Uganda’s growth.
“We cannot drive Uganda’s growth without investing in our education sector, which helps us nurture the next generation of human resources that will lead our country’s economy. Insuring schools means we are enabling local entrepreneurs to safeguard their investment against traditional risks such as fires, vandalism, and injuries to children,” she said.
Tiche Makonese, the Stanbic bank head of Insurance also emphasized that the Covid-19 pandemic and any other hinderances that may stand in a way of educating of learners need some kind of insurance.
“Some of the disruptions that schools face like fire damaging buildings, learners get- ting hurt on the playground, parents and guardians facing calamities are all covered under this new product and we encourage them to sign up,” he added.
Speaking at the product unveiling recently, Mike Kironde, the chairman, Proprietors of Private Educational Institutions Association in Uganda, said that as an association, they are pleased and congratulate Stanbic bank on this product innovation, which allows its members to safeguard from all sorts of risks, including fire.
Ismael Mulindwa, the director, Basic and Secondary Education at the Ministry of Education and Sports, described SCI as timely.
“As a ministry, we have been concerned about the fires that have gutted the schools over the years, with some leading to loss of lives, which is very sad. In many cases, schools have not been able to refurbish the affected infrastructure as well as compensating the affected students. When I see Stanbic bank coming out to support in this particular issue, we can say there could not be a better timing for such a product,” he said.