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EI INSURANCE MANAGEMENT The Board will
annually adopt a comprehensive plan for Risk Management to protect the
financial resources of the district, pressure its ability to provide an
education program, and protect individuals from personal loss as a result of
carrying out their responsibilities for the district. The Board will assume
the risk of property damage, legal liability, and dishonesty in all cases in
which the exposure is so small or dispersed that a loss would not
significantly affect the operations or financial position. Insurance will be
provided against all major exposures through the purchase of appropriate
types of policies, combined wherever possible or practical in one policy, and
utilizing maximum feasible self-insurance through use of deductibles. A list of possible coverage needed might
include: • Public and Institutional
Property/Casualty, Blanket • All risk coverage on buildings, contents,
and property in the open • Comprehensive General Liability: district, Board and all employees • Automobile liability, owned and non-owned • Fidelity bonds and crime coverage • Contractual liability • Umbrella excess liability • Boiler and machinery • Workers' Compensation • Extra expense insurance Property will be
insured to value on the basis of replacement cost against as wide range of
perils as possible and practical, taking into consideration various rate
offerings, and will be regularly appraised to allow for increases in
value. Insurance of buildings,
contents, or when it is desirable to obtain special services such as
inspecting or claim adjustment services in connection with the
insurance. Insurance will be
purchased only through licensed agents or brokers who have the technical
competence to service the account adequately.
Insurance will be placed only through companies rated at least A- in
best ratings. Bids will be taken
periodically and submitted to the Board for consideration. Adoption Date: Board Review: |