University Of Illinois Cashes In On Pandemic Insurance
One dean's savvy move 3 years ago could pay off for the downstate university.
Yahoo - In 2017, the Gies College of Business and the Grainger College of Engineering jointly took out a three-year contract with Lloyd’s of London to insure against a large drop in revenue from Chinese students resulting from specific events such as a trade war, a global pandemic, and visa restrictions.
The policy which costs the university $424K per year could net the university $61 million in insurance claims.
The claim will be triggered if the engineering school and the business school see a 18.5% loss from Chinese students, a number that is predicted to be true.
The loss of students is something the University obviously wants to avoid but this is a rare silver lining in a stream of depressing news.