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Unpacking an alternative to insurance in an ECEC context – a community driven approach
Jason Roberts
Oct 05, 2021
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Our Ark Mutual, a recently launched not for profit organisation that provides the early childhood education and care (ECEC) community with risk protection (an alternative to insurance) at fair prices with few exclusions and no excess continues to broaden its customer base across the sector.
“We are very encouraged with the interest Our Ark is receiving from owners, operators and landlords from across the ECEC sector looking for a community focused approach to addressing their needs,” Our Ark CEO Charles Pollack said.
“We recognise how opaque, and sometimes overwhelming, assessing business protection risks can be. Our first-class team and intuitive products place us in a strong position to be able to find solutions for our customers along the way.”
“This is compounded by our unique mutual structure that enables us to deliver on our commitments and provide unique benefits, year in and year out.”
Making sense of different types of protection that Ark Mutual has to offer
As an ECEC business owner, operator or landlord, the primary objective of any form of protection is to ensure that unexpected losses incurred during day-to-day operations, or due to an unexpected event, can be endured.
Our Ark has designed its core ECEC product with its customers front of mind, with the unique offering providing protection from:
- Loss to contents - This is focused on any items that are in the premises of use (ie: the ECEC service) and would cover the loss, theft or damage of items such as furniture, educational resources, computers, tablets, phones, as well as outdoor yard equipment and personal effects of those working at or attending the service.
- Breakdown of equipment - This is focused on the breakdown of electrical and mechanical equipment. In ECEC settings, key items covered would include air conditioners, refrigerators, washers, dryers and large electrical items like white boards and televisions.
- Consequential losses from business interruption - This is to provide for instances where an unforeseen event has led to a loss of income. For ECEC services this may include events like floods, interruption to gas, electricity or sewerage supply, storm damage, and fire.
- Consequential losses including increased costs of working - This is an extension of the business interruption cover which aims to protect owners and operators from the costs that may need to be incurred to return a service back to a safe operating environment.
- Money and cash - Although the vast majority of ECEC services are cashless, those that do still take cash from families will be exposed to risks. This cover is designed to mitigate those risks.
Whether your service operates from an owned or leased building, Our Ark can provide suitable protection. If you are a landlord or owner of the premises, Our Ark can provide protection for the building itself. If your service is leasing, Our Ark can also provide a solution with or without the inclusion for the buildings, based on your requirements.
Our Ark products are designed to have very clear, broad inclusions and few exclusions. The details are always explained in the Product Disclosure Statement (PDS). You can read the PDS that is specifically designed for the ECEC sector here.
Our Ark’s community focus allows for more targeted cover, at a reasonable cost
As a not-for-profit Our Ark’s primary objective is to provide the ECEC sector with a range of competitive products that not only provide real value but are also offered in the spirit of community, as opposed to increasing profit margins. Both for-profit and not-for-profit ECEC services can benefit from this community-focused approach.
“Our unique approach to consulting deeply with our members helps ensure that we tailor the most appropriate risk solution for them,” Mr. Pollack said.
“Every customer is different. We recognise that and take a special interest in their preferences and appetites for risk when evaluating the right combination of covers for them.”
“After all, we are a mutual organisation, so this type of attention to detail and community focus is in our DNA and we work incredibly hard to ensure that as much value as possible is retained within the organisation and used to offset future costs or more comprehensive overall protection for our members.”
To learn more about Our Ark Mutual and how they can support your service please see here.
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