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 and dishonesty. The board will purchase insurance for the replacement values, when possible, after reviewing the costs and availability of such insurance. The comprehensive insurance program shall be reviewed once every three (3) years. Insurance will only be purchased through legally licensed Iowa insurance agents.
This 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 would not significantly affect the operation of the education program or financial position.
Insurance of buildings, structures, or property in the open will not be purchased to cover loss exposures below $1,000 unless such insurance is required by statute or contract. The board may also purchase this coverage when such coverage is desirable in the judgment of the board.
The board may retain a private organization for capital assets management services.
Administration of the insurance program, making recommendations for additional insurance coverage, placing the insurance coverage, and loss prevention activities shall be the responsibility of the superintendent. The superintendent shall be responsible for maintaining the capital assets management system, processing claims, and maintaining loss records.
Legal Reference: Iowa Code §§ 20.9; 85.2; 279.12, .28; 285.5(6), .10(6);
296.7; 298A; 517A1; 670.7 (2013).
1974 Op. Att’y Gen. 171.
1972 Op. Att’y Gen. 676.
Approved 03/25/91 Reviewed 09/18/2017 Revised 09/18/2017