DIBA: Insurance Reserve Fund
Code: DIBA
Adopted: 7/15/10
The board recognizes that the district incurs certain losses not covered by insurance policies; therefore, an insurance reserve fund will be established. The fund will cover, but is not limited to, the following incidents:
- District property damage not in excess of current deductible;
- Theft of district property not covered by insurance, at the discretion of the director of business services;
- Limiting exposure to liability and litigation.
In cases where a claim is filed for theft, a report must have been made to local law enforcement officials before consideration.
Funding will be by appropriation as determined by the budgeting process.
END OF POLICY
Legal Reference(s):
ORS 30.310 - 30.400
ORS 332.437
