Purpose
The Board recognizes its responsibility under law to insure the real and/or personal property of the school district, and has adopted this policy to ensure for Replacement Cost.

Authority
The Board has the authority and responsibility to provide adequate insurance coverage to protect the district's interest in its buildings and properties.  Such coverage shall be in accordance with the following guidelines.

Coverage will be provided on an all risk blanket basis for replacement costs. Earthquake and Flood will be provided at a limit of $1,000,000. Extra Expense will be provided at a minimum of $1,000,000. Boiler and Machinery coverage shall also be provided either as part of the property coverage or under separate policy.

The Board may appoint an insurance advisor/consultant (who may be the agent of record).

In placing insurance the Board shall be guided by the service of the insurance consultant.

This consultant (advisor) shall review the insurance program of the district, consider alternatives, and report recommendations to the Board, recommend specific insurance placement and prepare specifications for the same, assist the Board in the establishment and maintenance of property valuation and insurance records, provide annual safety and fire inspections, review plans and specifications of all new facilities with the Rating Bureau in order to eliminate unnecessary penalty charges, assist in processing all claims, provide workshops and lectures on fire safety and prevention and safety precautions to the appropriate staff and recommend such measures as may reduce the cost of insurance premiums including:

1. assumption of risk
2. loss prevention
3. transfer of risk
4. self-insurance