Since 2004, WICHE has partnered with the Midwestern Higher Education Compact (MHEC) to expand MHEC's Master Property Program (MPP) to include two-year and four-year, public and private institutions in the WICHE region. The program helps colleges and universities in the West improve their insurance coverage and lower premium costs. Members buy property insurance as a group and benefit from the financial stability and 16 years of experience and continuity of the MHEC group. The goals of the program are to secure broad insurance coverage and services to meet the special needs of its participating member institutions; to reduce premium costs; to stabilize premium rates over time; and to provide group dividend returns when favorable loss experiences are achieved. The MPP's broad manuscript form is responsive to higher education's unique property exposures; the program also offers excellent engineering and loss control services tailored to the requirements and interests of each institution. The program also prides itself on assisting institutions with quality and timely claims service when catastrophic claims occur. Institutions in the MPP participate in an annual loss control workshop to address a range of risk management topics. The next workshop will be held on March 10-12, 2010 in St. Louis, Missouri.
The Master Property Program provides comprehensive property coverage, specifically tailored to the needs of today’s college campuses, while reducing insurance costs and improving asset protection. The program has generated more than $59 million in savings since 1994 for its participating institutions. Lexington AIG is the program underwriter and Marsh and Captive Resources, Inc. jointly administer the program under the direction of a leadership committee that is representative of the insured institutions. Membership includes over 100 campuses (47 members) with total insured values of over $65.9 billion.
In June 2004, MHEC approved an agreement with the Western Interstate Commission for Higher Education (WICHE) to make the program available in the WICHE region. A June 2009 agreement between MHEC and the New England Board of Higher Education (NEBHE) makes the program available to institutions in New England.