The Federal Government has promised to undertake the services of some insurance companies and brokers for a comprehensive insurance policy for the 104 unity colleges in the country in a bid to increase school enrollment.
This was disclosed by the Minister of Education, Malam Adamu Adamu during a news conference in Abuja.
According to him, with the policy, enrollment in all Unity colleges would have increased by at least 20 per cent by 2020.
Speaking further, he noted that the policy will include a fire and general hazard cover in which the sum of N900 million and N200 million will be dedicated to each school for buildings and content.
He also noted that 326 vehicles in all schools will be covered at a total value of over N947 million, while the death of student or sponsors will attract the sum of N500, 000 each.
In his words; “Three insurance underwriters were appointed along with brokers. Each of the writers will cover schools in two geo-political zones. The total premium to be paid to the three underwriters and brokers will amount to N198,000,000 only for the 104 federal unity colleges. This will provide a total coverage of N900,000,000 only per school for content.
“The total number of vehicles to be covered is 326 with a total value of N947,260,000 only. The students are to pay N5000 only per session. In the case of death of a student, the parents or sponsor will be given a one-off payment of the sum of N500,000 only.
“In case of death of parent/sponsor, the student will be paid the sum of 500,000 naira per session for a maximum of 2.5 million naira only. In case of accident of a student, the sum of fifty thousand naira will be provided for medical expenses and in the event of the death of student/sponsor/parent, the sum of 50 thousand naira will be provided for burial expenses,” the minister added.