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 secretary shall review the insurance programs of the District periodically to insure adequate coverages.
The Board will purchase insurance at replacement values, when possible, after reviewing the costs and availability of such insurance. Insurance will only be purchased through legally licensed Iowa insurance agents.
The District may 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 District.
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 or designee is responsible for maintaining the fixed assets management system, processing claims and maintaining loss records.
Reviewed: FY 2016-2017, December 19, 2016