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A group of officials from colleges and independent schools has formed a corporation to provide educational institutions with liability-insurance coverage unavailable in the commercial market.

The Vermont-based United Educators Insurance Risk Retention Group Inc., which began operation this month, is one of the first enterprises formed under the federal Risk Retention Act of 1986. The legislation allows organizations to establish so-called risk-retention groups, which offer special-purpose liability-insurance coverage and are owned solely by their policyholders, across state lines.

The new corporation will offer supplemental liability coverage, for institutions with existing policies of $1 million or more, and legal-liability coverage for some 4,000 nonprofit colleges, universities, independent schools, and education-related associations.

It will insure against certain risks that many policies may not cover, such as damages incurred as a result of athletic injuries, sexual abuse, and sudden and accidental pollution.

The group will not insure against asbestos-related damages or medical malpractice.

Thomas J. Teague, president of the Louisiana Association of Independent Colleges and Universities, has been named executive director of the group. Other members of the board of directors include John W. Chandler, president of the Association of American Colleges, James F. Gollatscheck, executive vice president of the American Association of Community and Junior Colleges, and James G. Martin, vice president for finance and management of the Detroit Country Day School.

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