Policy EI
Insurance Program/Risk Management
School Board Approved: Auguat 7, 2017
The Superintendent or, by designation, the Business Administrator, shall be responsible for establishing a risk management and insurance program covering all property and program risks related to the performance of the educational and service missions of the system. The risk management and insurance program shall include means for identifying, eliminating, reducing, retaining or transferring risk. Only when a particular risk cannot be eliminated or feasibly retained by the system shall it be transferred by the purchase of insurance.
The Board realizes that the assumption of some predictable risks is the most economically feasible method of treating certain exposures. When it is in the apparent best interest of the system, the board may budget for and retain limited and predictable risks of financial loss, through the use of contingency funds, deductibles, etc. or participation in pooled risk management programs with other School Districts.
When the purchase of commercial insurance is deemed necessary, such purchase will be made based on service offered by the insurer, the reliability and financial stability of the insurer, and the price of the insurance as competitively determined.
The Board does not recognize any obligation to purchase insurance from a particular agent, broker or insurer representative or from any group of agents, brokers or insurer representatives other than an obligation based on the above stated considerations.
The Board charges the Superintendent with the responsibility for preparing an annual risk management audit report for review by the Board. The report shall include a description of the system’s current risk management program and a summary of the existing insurance coverage’s. Minimum information to be maintained for planning, budgeting, loss control and overall financial management, includes at least the following: 1) policy roster; 2) losses incurred and paid; 3) property valuations; 4) inspection and maintenance records for all property; 5) emergency plans.
The Board authorizes the Superintendent to seek professional risk management advice, if necessary, in order to develop, implement, maintain and audit an effective risk management program for the system.
Legal References:
RSA 194:3,III, Powers of Districts
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