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 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 years.
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 would 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 $1,000 unless such insurance is required by statute or contract. The board may retain a private organization for fixed assets management services.
Insurance will only be purchased through legally licensed Iowa insurance agents.
Administration of the insurance program shall be the responsibility of the superintendent. The business manager shall also be responsible for making recommendations for additional insurance coverage, placing insurance coverage, and loss prevention activities.
It shall be the responsibility of the superintendent to maintain the fixed assets management system, processing claims, and maintaining loss records.
Approved: 07-01-92
Reviewed: 11-09-99, 11-12-02, 12-12-05, 01-15-09, 06-11-12, 5-14-18
Revised: 08-13-12, 9-13-22
