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 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 $ 500 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 business manager shall be responsible for maintaining the fixed 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 (2003).
                                      1974 Op. Att'y Gen. 171.
                                      1972 Op. Att'y Gen. 676.

Cross Reference:  205.2   Board Member Liability
                                      804      Safety Program

Approved 11/1/2004                             Reviewed 11/16/2009                           Revised                                
                                                                                            12/15/2014
                                                                                            01/20/2020

At the annual meeting each year, the board shall receive a written report indicating the types, amounts of, and cost of the insurance for the school district.  This report shall include bonds purchased for employees and board officers.  It shall be in written form and sent to the board with the agenda for the board meeting.

It shall be the responsibility of the secretary/treasurer to file this report with the board.

Legal Reference:  Iowa Code § 279.8 (2003).

Cross Reference:  709.1   Insurance Program

Approved 11/1/2004                             Reviewed 11/16/2009                           Revised                               
                                                                                            12/15/2014
                                                                                            01/20/2020