Insurance Program

Code No.: 806.1
INSURANCE PROGRAM
Policy: 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 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 $5,000.00 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. The Business Manager is responsible for maintaining the capital assets
management system, processing claims and maintaining loss records.
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.
Approved
Reviewed 1/17/00
Reviewed 12/19/05
Revised 6/20/11
Revised 5/2/16