An Increasing Number Of School Districts Are Investing In Active Shooter Insurance

No matter your position on gun control, there is little debate about the fact that the United State is facing a major problem surrounding gun violence. This problem is so pervasive its repercussions are even being felt in the insurance market. More schools than ever before are investing in active shooter insurance.

The Insurance Journal spoke with insurance broker Paul Marshall about the increasing number of active shooting policies he has been selling to school districts. So far, Marshall’s employer, McGowan Companies, is one of the only insurers offering active shooting insurance. They started offering the policy in 2016, but have seen a sharp uptake in customers since the latest shooting in Parkland, Florida.

In fact, since the Parkland shooting on February 14, 2018, McGowan has sold $3 million worth of active-shooter policies for seven different south Florida school districts. These policies cover expenses related to shootings in public places like offices and schools. Most of these policies offer $250,000 for every diseased or seriously injured individual. Of course, additional medical coverage is available for the more expensive policies.

Unfortunately, this is an issue that is only becoming more prevalent into today’s world. Schools are finding themselves facing inordinate costs after a shooting-related tragedy, not to mention the victims. After every major shooting a slew of GoFundMe’s appear from victims families as they try to scrape together enough money for the medical help their loved ones need. Active-shooting policies can be the lifeline many people need.

According to industry executives, the cost of premiums vary drastically based on the amount of coverage a school district needs in their policy. For a smaller private school that may only need $1 million in coverage, premiums can be as low as $1,400 per year. For a large school district that needs at least $10 million in coverage premiums can get all the way up to $100,000 per year.

Sources:
https://www.insurancejournal.com/news/national/2018/03/21/483990.htm