806.01 – Insurance Program
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 once every three years. 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 the financial condition of the school 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 are the responsibility of the Superintendent. The (superintendent/fixed assets manager) is responsible for maintaining the fixed assets management system, processing claims, and maintaining loss records.
Date of Adoption: July 1, 1985
Reviewed & Revised: February 7, 2005; January 18, 2010; June 27, 2016
Legal Reference: (Code of Iowa) 20.9; 85.2, 279.12, .28; 85.5(6), .10(6); 296.7; 298A; 517A.1; 670.7 (2003); 1974 Op. Att’y Gen. 171; 1972 Op Att’y Gen. 676