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 shall be reviewed at least once every three years. Insurance will only be purchased through legally licensed Iowa insurance agents.
The school district may 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 $ 1,000 unless such insurance is required by statute or contract.
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 shall be the responsibility of the superintendent. The fixed assets manager shall be responsible for maintaining the fixed assets management system, processing claims, and maintaining loss records.