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.
The 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 educational program or financial position.
Insurance of buildings, structures, or property in the open will not be purchased to cover loss exposures below $1000 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 appraisal agency for inventory and appraisal value services. An itemized statement of the appraised value of all school district owned facilities shall be kept. This statement shall be updated at least once every five (5) years.
Insurance will only be purchased through legally licensed Iowa insurance agents or brokers maintaining offices in the school district community when possible.
Administration of the insurance program shall be the responsibility of the superintendent. The board secretary shall also be responsible for placing insurance coverage, maintaining property appraisals and inventories, processing claims, maintaining loss records, and supervising loss prevention activities.
It shall be the responsibility of the superintendent to recommend, when necessary, the use of a private appraisal agency to make recommendations to the board for the purpose of insurance coverage.
Legal Reference: Iowa Code §§85.2, 279.12, .28, 285.5(6), .10 (6), 269.7, 517A.1, 613A.7 (1991)
1972 Op. Att’y Gen. 676
Cross Reference: 205 Board of Directors Member Security and Protection
807.5 Insurance Report
Approved: 4-23-92
Reviewed: 2-12-24
Revised:
