Policy 806.1 - Insurance Program / Annual Review

INSURANCE PROGRAM / ANNUAL REVIEW

The board will maintain a comprehensive insurance program to provide adequate coverage against major types of risk, loss, or damage, as well as legal liability. The board will purchase insurance at replacement values, when possible, after reviewing the costs and availability of such insurance. The comprehensive insurance program is reviewed every year. Insurance will only be purchased through legally licensed Iowa insurance agents.

The school district will assume the risk of property damage, legal liability, and dishonesty in cases in which the exposure is so small or dispersed that a loss does not significantly affect the operation of the education program or financial condition of the school district.

Insurance of buildings, structures, or property in the open will not generally be purchased to cover loss exposures below $5,000 unless such insurance is required by statute or contract.

The board may retain a private organization for fixed assets management services. 

Administration of the insurance program, making recommendations for additional insurance coverage, placing the insurance coverage and loss prevention activities is the responsibility of the superintendent. The superintendent is responsible for maintaining the fixed assets management system, processing claims and maintaining loss records.

The Board shall receive a written report indicating the types, amounts of, and cost of the insurance for the school district on an annual basis. This report shall include bonds purchased for employees and board officers. It shall be in written form and sent to the Board with the agenda for the board meeting.

It shall be the responsibility of the Board Secretary to file this report with the Board.

Approved: Unknown
Modified: 12/20/10
Reviewed: 8/1/94; 1/18/99; 12/06/10; 11/07/16

Legal Reference: Iowa Code 20.9; 27.10; 85.2; 279.12, .28; 285.5(6), .10(6); 296.7; 517A.1; 613A.7 (1993).
1974 Op. Atty. Gen. 171.
1972 Op. Atty. Gen. 676.

Cross Reference: Policy 805.2 Inventory
Policy 902.6 Inventory
Policy 806.2 Annual Review of Insurance Program

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