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 regularly. 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.
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. The business manager is responsible for maintaining the capital assets management system, processing claims and maintaining loss records.
Date Board Adopted: 4/13/1992
Date Board Updated/Reviewed: 2/21/2018
Legal Reference: Iowa Code §§ 20.9; 85.2; 279.12, .28; 285.5(6), .10(6); 296.7; 298A; 517A.1; 670.7 (2013).
1974 Op. Att'y Gen. 171.
1972 Op. Att'y Gen. 676.