Lexington Insurance Co., a Chartis company, has introduced a new coverage to reimburse colleges and universities for the loss of tuition incomes when an enrolled international student withdraws due to a catastrophe at home.

“According to the Institute of International Education, more than 700,000 international students enrolled to study at U.S. colleges and universities during the 2010-2011 academic year,” says Erik Nikodem, senior vice president and property division executive at Lexington. “These students typically pay premium tuition rates and receive little to no funding from the college or university. If a catastrophe event in their country causes these students to withdraw, the financial impact to the college or university could be substantial.”

The product, called HELP-International Catastrophe, is Lexington's first as part of the company's Higher Education Loss Protection suite of coverages. It is available by endorsement to Lexington's property-insurance policy and is triggered by a catastrophe event, such as a flood or an earthquake in a foreign country, as opposed to a direct physical loss or damage to the property of the college or university.

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