Stanbic Bank unveils product to allow schools get full insurance cover against calamities

Stanbic Bank Uganda has unveiled a new product which allows schools to get full insurance cover against calamities such as fire and other natural disasters.

The Stanbic School Comprehensive Insurance (SCI) is an insurance policy that protects school administrations from a range of risks including property damage by fires, accidental injuries to students and theft of their personal effects.

Other risks covered by the SCI scheme include material damage to school property, burglary of school property, student accident cover, public liability insurance and optional life/educational benefit.

Emma Mugisha, the Stanbic Bank executive director and head of business banking said the bank’s product development strategy is motivated by its business purpose of 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 said the Covid-19 pandemic and any other hindrances that may stand in the way of educating learners need some kind of insurance.

"Some of the disruptions that schools face like fire damaging buildings, students getting hurt on the playground, parents and guardians facing calamities are all covered under this new product and we encourage them to sign up," Makonese said.

A new report from the Education Ministry indicates that five out of the six schools that have been affected by fires since the reopening of schools are privately owned.

Speaking at the product unveiling, Mike Kironde, chairman Proprietors of Private Educational Institutions Association in Uganda said as an association, they are pleased and congratulate Stanbic Bank on this product innovation which allows members to safeguard from all sorts of risks including fire that might place their schools in danger.

Ismael Mulindwa, the Director Basic and Secondary Education at the Ministry of Education and Sports noted that the product is timely and is a relief to schools.