Private Education Institution
As a Private Education Institution (PEI) in Singapore, having schemes in place to protect your students and their course fees will help distinguish you as a quality private school that students can trust.
What insurance does a PEI need?
The Committee for Private Education (CPE) administers 2 main schemes to protect course fees paid by students in the event that a PEI is unable to continue operating. On top of that, hospitalisation insurance for students is also necessary for a PEI to be certified with EduTrust, a mark that that distinguishes private schools which are able to consistently maintain a high standard of quality in the overall provision of education services and make continual improvements that lead to positive student outcomes.
Industry-Wide Course Fee Protection Scheme insurance (IWC)
This industry-wide scheme is generally required for all PEIs under the Enhanced Registration Framework (ERF), which sets the minimum standards that all PEIs must meet. IWC covers primarily the course fees of students in each PEI in the event of insolvency or regulatory closure of PEI or PEI’s failure to pay sum awarded by Singapore Courts to the insured student, up to a limit of $2 mil per event.
Fee Protection Scheme (FPS)
For PEIs who wish to attain and maintain the EduTrust certification, a Fee Protection Scheme (FPS) has to be in place, a regulatory insurance mechanism to ensure the protection of course fees paid by all students to the PEI. We can help you establish the FPS with a CPE-appointed insurer.
Hospitalisation insurance for students
The EduTrust certification also encourages PEIs to have a hospitalisation insurance policy, covering students who are enrolled with the school in the event they need to be hospitalized or undergo surgery whilst studying in Singapore. With Howden, you will have access to student medical insurance that are competitively priced.
Full suite expertise on all PEI and EduTrust-related insurance
With two decades of fee protection scheme and PEI-related insurance experience, our specialist team provides PEIs with the full suite of regulatory and general insurance services:
- Industry Wide Course Fee insurance (IWC)
- Fee Protection Scheme for EduTrust
- Students’ Group Hospitalization and Surgical (GHS) and Outpatient Insurance (inclusive of Covid19 hospitalisation cover after your students arrive in Singapore)
- Banker’s Guarantee for Foreign Students required by Immigrations and Checkpoints Authority
- General Insurance Services including specialty covers like Educator’s Professional Indemnity Insurance
With our expertise, we can advise you on the best market practices that has helped top PEIs in Singapore maintain their EduTrust status.