ATLANTIC MUTUAL SUGGESTS ADDING INSURANCE REVIEW TO COLLEGE CHECKLIST

Theft, Fire Among Dangers According to Recent Studies

NEW YORK, AUGUST 14, 2001 -- Gone are the days when students head off to college with a suitcase of clothes, a portable typewriter and a record player. Today, students bring laptops, television sets, DVD players, stereo systems, sports equipment, microwaves and many other costly possessions. However, adequate insurance coverage is often something that's often overlooked.

The Atlantic Mutual Insurance Company suggests several easy steps parents and students can follow to help prevent losses and to ensure that there is adequate insurance coverage in the event of a loss.

"First, we recommend that you inventory student valuables and visit with an agent to review your insurance policy for appropriate coverages," said Daniel H. Olmsted, senior vice president, Personal Insurance Division, Atlantic Mutual Insurance Company. "Too often, parents don't take into account the total worth of a student's personal possessions. While Atlantic Mutual's policies provide generous limits for property at another residence, such as a college dormitory, many homeowner policies only cover such valuables up to a specified level that may not be adequate for everything the student has on campus."

For the most beneficial insurance protection, Atlantic Mutual recommends that a policyholder make a separate itemization of valuables and schedule them for a specific dollar amount. This means that if a policyholder buys a $3,000 laptop and itemizes it, he or she will be paid $3,000 if the item is stolen or destroyed while it's covered by the policy. The following checklist can help you and your insurance agent make sure that all items are properly insured:

  • Computers
  • Stereo equipment (including music collections)
  • TVs/VCRs and DVD players
  • Video game systems
  • Jewelry
  • Musical equipment
  • Sports equipment and bicycles
  • Clothing

"Securing valuables should be a main concern in an environment where undergrads and other visitors frequently come and go," added Olmsted. According to the U.S. Department of Education, more than 20,000 theft-related crimes were reported in 1999 by 6000 four-year colleges and universities. Compact electronic equipment, especially laptop computers and other wireless communication gadgets are particularly vulnerable to theft, Olmsted observed.

In addition to reviewing insurance coverage, Atlantic Mutual suggests the following tips to protect valuables from theft and destruction:

  • Record the serial number of all valuables and, if possible, engrave them with your family name or the student's driver's license number.
  • Students should secure and lock all doors and windows when leaving for class.
  • Do not leave backpacks, books and other valuables unattended.
  • Do not leave any valuables at school when away for an extended period.
  • Speak with the landlord to discuss installation of a security system in off-campus housing. At a minimum, parents/students should demand that outside doors have deadbolts.

Another consideration is whether the student will be bringing a car to campus. Department of Education statistics indicate that 4,165 auto thefts occurred in 1999 at four-year colleges and universities.

"Many times the student car is an older vehicle that has been fully paid for, so the family only carries collision, or liability, insurance on it. The parents may want to consider adding comprehensive insurance coverage so that the car is covered for theft," said Olmsted.

Theft isn't the only concern when insuring and securing valuables. Fire safety is a major concern, both on-campus and off. A 1999 report published by the United States Fire Administration and the National Fire Protection Association (NFPA) concluded that annually there are approximately 1,700 documented fires in college dormitories, classroom buildings and fraternity and sorority housing. The report also found that students residing in off-campus housing face additional dangers because their residences are not under the authority of an institution.

To help protect valuables from fire while at school, Atlantic Mutual recommends:

  • When moving in, check the floors for sprinklers and smoke alarms. And make sure they work.
  • Check for fire extinguishers in or near dorm room (also make sure they work) and locate fire exits.
  • Do not use candles or halogen lamps.
  • Do not place flammable items on or near heating units.
  • Make sure the dormitory has a fire evacuation plan and make sure your son or daughter is aware of the plan and what to do in case of fire.
About The Atlantic Companies

The Atlantic Companies, also known as Atlantic Mutual, is a group of diversified financial services companies with a Wall Street heritage dating back to 1842. The group is widely known for the Atlantic Master Plan insurance program, which is designed specifically for affluent individuals and sold through a select group of independent agents. The Atlantic Companies acts as a property-casualty insurer, manages claims for commercial insurance, and helps other business partners target profitable niches in the insurance marketplace. Additional information about The Atlantic Companies and the Atlantic Master Plan can be found at www.atlanticmasterplan.com.


Contact: Peter G. Scott
Corporate Marketing & Communications
973-408-6044