Insurance 2013-14

The EFA are changing the way that academies are funded for their insurance premiums. This will make the system simpler, less bureaucratic and will incentivise better value for money.

Instead of being required to submit a claim for the cost of their premium each year, all academies will receive per-pupil funding for insurance as part of their general annual grant (GAG). This funding will be in two parts:

  1. an amount delegated by the local authority through local funding formulae, which is the equivalent to the amount maintained schools receive for insurance. This is estimated to be around £25 per pupil on average.
  2. an additional top-up grant of £20 per pupil, to reflect the fact that, on average, insurance premiums are higher for academies than they are for maintained schools.

The EFA recognize that there may be a few academies in specific and exceptional circumstances that may struggle to meet the costs of their insurance premium from their 2013/14 GAG.

They  want to make sure that these academies can cover the cost of their insurance. They are  therefore offering the opportunity to apply for additional funding for those who are unable to meet the costs of securing adequate insurance cover for 2013/14 with the overall funding provided to them in their GAG.

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