BUSINESS PROCEDURES

 

Series 800

 

Policy Title: Insurance Program Code No.: 831

 

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 at least 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 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 $2,500.00 unless such insurance is required by statute or contract.

 

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 is the responsibility of the superintendent/designee. The director of business affairs is responsible for maintaining the capital assets management system, processing claims and maintaining loss records.

 

 

Date of Adoption/Review/Revision:

July 1979

August 21, 1990

August 1992

August 1995

June 1998

June 2001

June 2004

July 2007

July 2010

August 2013

September 2016

July 2022