Jeffrey Wade
In New Mexico, public schools, school districts, and educational entities are authorized to participate in the New Mexico Public School Insurance Authority's risk-related coverages. The types of risk coverage provided include property insurance, liability insurance, workers' compensation, student catastrophic insurance, and student accident insurance, among others. The authority has the power to approve or deny a school district or charter school's request for a waiver of participation based on the submitted documentation and the established benefit and financial standards. The Public School Insurance Authority Act identifies the insurance options available to specific types of governmental entities, including educational entities. This act, in conjunction with the Tort Claims Act, indicates the legislature's intent to authorize higher educational institutions to purchase liability insurance coverage offered by the PSIA.
| Characteristics | Values |
|---|---|
| What | New Mexico Public School Insurance Authority |
| Who | School districts, charter schools and other educational entities |
| Types of risk coverage | Property insurance, liability insurance, workers’ compensation, student catastrophic insurance, student-accident insurance, boiler & machinery insurance, underground storage tanks coverage |
| Address | 410 Old Taos Highway, Santa Fe, New Mexico 87501 |
| Waivers | A school district or charter school may be granted a waiver for health insurance or workers' compensation insurance |
| Waiver conditions | The school must meet the minimum benefit and financial standards within the time schedule established by the board |
| Waiver effects | A school district or charter school granted a waiver for a certain type of insurance coverage is prohibited from participating in that coverage for the entire term of the authority's insurance contract |
| Waiver exceptions | If the contract is for eight years, the board may allow a school that has been granted a waiver to participate in the coverage after the first four years |
Explore related products
$29.99 $34.95
What You'll Learn
- Higher educational facilities can participate in the Public School Insurance Authority Act
- Waivers are available for school districts or charter schools
- The authority can approve or deny a waiver based on submitted documentation
- Schools can provide additional coverage to that offered by the authority
- The authority covers risk-related insurance for school facilities' use by private persons
Higher educational facilities can participate in the Public School Insurance Authority Act
The Public School Insurance Authority Act (PSIA Act) in New Mexico outlines the insurance options available to specific types of governmental entities, including "educational entities". These educational entities are defined as the higher educational institutions listed in N.M. Const., Art. XII, § 11.
The PSIA Act authorises higher educational institutions to purchase liability insurance coverage. It also enables these institutions to participate in comprehensive core insurance programs, including reimbursement coverage for the costs of providing due process to students with disabilities. This act expands the pool of subscribers to maximise cost containment opportunities for required insurance coverage.
The New Mexico Public School Insurance Authority currently provides benefit and risk coverage to 88 school districts, 40 charter schools, and 15 educational entities. Types of risk coverage include property insurance, liability insurance, workers' compensation, student catastrophic insurance, student accident insurance, and boiler and machinery insurance.
The authority has the power to approve or disapprove a waiver of participation based on the documentation submitted by the school district or charter school regarding the benefit and financial standards established by the board. A school district or charter school that has been granted a waiver is prohibited from participating in the coverage for which the waiver was granted for the entire term of the authority's insurance contract. However, if the authority contracts for a line or lines of coverage for eight years, a school district or charter school that has been granted a waiver may be authorised to participate in the coverage after the first four years.
Educational entities may petition the authority to participate in the insurance coverage provided, and the authority shall establish reasonable terms and conditions for their participation.
Understanding Life Insurance: Case Open Basics
You may want to see also
Explore related products
Waivers are available for school districts or charter schools
In New Mexico, school districts and charter schools are mandated to participate in the Public School Insurance Authority unless they are granted a waiver by the board. The New Mexico Public School Insurance Authority is tasked with providing insurance coverage to educational entities, which include school districts and charter schools.
The board has the authority to approve or reject a waiver request based on the documentation submitted by the school district or charter school regarding benefit and financial standards. The board must grant a waiver if the school district or charter school meets the minimum benefit and financial standards within the established timeline. However, once the insurance contract has been awarded, no waivers will be granted for the duration of the contract.
If a school district or charter school is granted a waiver for health insurance, they must petition for participation in other types of group insurance coverage and meet the requirements set by the authority. Similarly, if a waiver is granted for workers' compensation, the school district or charter school must meet the requirements for other risk-related coverages.
Educational entities that have been granted a waiver are prohibited from participating in the coverage for which the waiver was granted during the term of the insurance contract. However, if the contract exceeds four years, the board may establish procedures for the school district or charter school to rejoin the coverage after the initial four years.
The New Mexico Public School Insurance Authority aims to provide stable and reasonable insurance costs for its members through risk pooling, prevention services, joint purchasing, and program development.
Ordinary Life Insurance: Exploring Alternative Term Options
You may want to see also
Explore related products
The authority can approve or deny a waiver based on submitted documentation
In New Mexico, the Public School Insurance Authority Act (PSIA Act) identifies the insurance options available to specific types of governmental entities, including "educational entities". These educational entities are defined as higher educational institutions.
The PSIA Act, in harmony with the Tort Claims Act (TCA), indicates that the New Mexico legislature intended to authorise higher educational institutions to purchase liability insurance coverage offered by the PSIA Act.
The New Mexico Public School Insurance Authority provides benefit and risk coverage to 88 school districts, 40 charter schools, and 15 educational entities. Types of risk coverage include property insurance, liability insurance, workers' compensation, student catastrophic insurance, student accident insurance, and boiler and machinery insurance.
The authority has the power to approve or deny a waiver of participation based on the documentation submitted by the school district or charter school. This decision is made in consideration of the benefit and financial standards established by the board. If a school district or charter school meets the minimum benefit and financial standards within the board's timetable, the board must grant the waiver. However, once the board awards the insurance contract, no school district or charter school can be granted a waiver for the entire term of the contract.
If a school district or charter school is granted a waiver of participation for health insurance, they must petition for participation in other types of group insurance coverage and meet the requirements set by the authority. Similarly, if a waiver is granted for workers' compensation, the school district or charter school must meet the authority's requirements for other risk-related coverages.
Gerber Life Insurance: Adult Options and Benefits Explored
You may want to see also
Explore related products
Schools can provide additional coverage to that offered by the authority
In New Mexico, the Public School Insurance Authority Act (PSIA Act) identifies the insurance options available to specific types of governmental entities, including "educational entities". These educational entities are defined as higher educational institutions. The PSIA Act, therefore, authorizes higher educational institutions to purchase liability insurance coverage.
The New Mexico Public School Insurance Authority has the power to approve or disapprove a waiver of participation in insurance coverage based on the documentation submitted by the school district or charter school regarding the benefit and financial standards established by the board. The board must grant a waiver to a school district or charter school that has met the minimum benefit and financial standards within the time schedule established by the board.
Once a waiver has been granted, the school district or charter school is prohibited from participating in the coverage for which the waiver was granted for the entire term of the authority's insurance contract. However, schools can provide coverage additional to that offered by the authority. This means that schools can provide additional coverage to staff and students beyond what is offered by the New Mexico Public School Insurance Authority.
If the authority contracts for a line or lines of coverage for a period of eight years, the board may establish procedures and preconditions for authorizing a school district or charter school that has been granted a waiver to participate in the coverage after the first four years. Any school district or charter school granted a waiver of participation for health insurance shall be required to petition for participation in other kinds of group insurance coverage and must meet the requirements established by the authority prior to participation.
Sud Life Insurance: What You Need to Know
You may want to see also
Explore related products
The authority covers risk-related insurance for school facilities' use by private persons
The New Mexico Public School Insurance Authority (NMPSIA) provides risk-related insurance coverage for school facilities used by private persons. This includes liability insurance, which is limited to $1,000,000 per occurrence. The NMPSIA also offers a Site Use Agreement that groups must sign before using school facilities. This agreement includes safety rules and liability and risk-related rules that the group must follow. Schools or school districts are not responsible for warranting the suitability of the facility or its contents for the intended use by the requesting group.
The NMPSIA has been in existence for 37 years and is dedicated to assisting educational institutions in managing their risks. The authority covers a range of risk-related insurance, including accidental and unpredictable losses. While no specific event or loss is foreseen, the NMPSIA can predict an estimated frequency of losses and provide guidance on safety and risk management.
In addition to the Site Use Agreement, the NMPSIA also recommends obtaining waiver agreements from event participants to reduce liability and control premium costs. Schools may also recommend the purchase of TULIP coverage for the user's protection. The NMPSIA's objective is to establish a clear policy for participating members regarding the use of school facilities by private persons. This policy relates to liability and risk issues and is separate from the local school boards' responsibility to determine how and when school facilities are used.
The NMPSIA has the power to approve or disapprove waivers of participation based on the documentation submitted by the school district or charter school. Once the board awards the insurance contract, waivers are prohibited for the entire term of the contract. Educational entities may petition the NMPSIA for permission to participate in the insurance coverage, and the authority establishes reasonable terms and conditions for participation.
Overall, the NMPSIA provides important risk-related insurance coverage and guidance for New Mexico schools, including those used by private persons. The authority helps to protect schools and users by establishing clear policies and procedures for facility use.
Getting a Texas Life Insurance License: How Long Does It Take?
You may want to see also
Frequently asked questions
The New Mexico Public School Insurance Authority (NMPSIA) provides benefit and risk coverage to 88 school districts, 40 charter schools, and 15 educational entities. Types of risk coverage include property insurance, liability insurance, workers’ compensation, student catastrophic insurance, and student-accident insurance.
The NMPSIA covers all school districts, charter schools, and other educational entities authorized to participate in the authority’s risk-related coverages.
Yes, school districts or charter schools can be granted a waiver and be prohibited from participating in the coverage for the entire term of the authority's insurance contract. However, they must then petition for participation in other kinds of group insurance coverage and meet the requirements established by the authority.
