EIA: Insurance Coverage

Code: EIA

Adopted: 1/04/07

Revised/Readopted: 7/15/10; 6/14/17 Orig. Code(s): EIA

District insurance coverage shall be written by a company that meets industry standards with a rating of not less than Best’s Key Rating of Excellent (A, A-).  The director of business services will select a company with a financial size category adequate to ensure surplus resources to protect the district’s assets.

Insurance may also be written by any pool that is able to demonstrate satisfactory financial stability as determined by industry standards.

Blanket building and equipment insurance will cover replacement costs with an agreed amount endorsement and with a deductible determined by the director of business services to provide the lowest possible premium costs consistent with adequate protection from unanticipated expenditures.

General and personal liability insurance will cover district board members and employees only while acting in their official capacity.

Errors and omissions and tort liability endorsements will be carried.

The district will provide liability coverage for all district-owned or leased vehicles.

The district will establish and provide the opportunity for students to purchase student accident insurance.

The district will not be liable for theft and damage of personal property of students that is not a requirement for attendance or participation.  Additionally, the district will not be liable for theft and damage of personal property of staff.

During its organizational meeting in July, the board will appoint an insurance agent of record for the district.

END OF POLICY

Legal Reference(s):

ORS  30.260 to -30.300

ORS 278.005 to -278.215                        

ORS 332.435                                        

ORS 332.437