8710 - INSURANCE
The Superintendent or designee shall negotiate with commercial insurance carriers for the insurance policies necessary to protect the District from major financial losses.
Insurance purchased shall include, but need not be limited to, the following types of losses:
- buildings and their contents
- boiler and machinery
- broad term money and securities
- special coverage for equipment not ordinarily covered under a standard policy
- the expenses of defending any claim against Board members, officers, or employees of this District arising out of and in the course of performance of their duties
- loss or damage from liability for the general acts or errors and omissions of District officers, employees, or volunteers
- open stock burglary
Insurance for a given coverage shall be obtained at the lowest possible cost, assuming that service and company reliability are satisfactory.
The Superintendent or designee may choose to retain the cost of certain liabilities (self-insure) through a Risk Management program as found in F.S. 768.28. These items may include, but need not be limited to, the following:
- comprehensive bodily injury, property damage on automobiles, buses, and trucks
- loss or damage from liability established by worker’s compensation statutes
- legal liability for Board members and employees
- loss or damage to District property, real or personal
- loss or damage from liability resulting from the use of District property
The Board authorizes its third-party administrator after consultation with its Director of Employee Benefits and Risk Management to settle personal injury, property damage, and workers’ compensation claims up to $100,000.
The Board authorizes the Superintendent or designee, after consultation with the Board attorney, to settle personal injury, property damage, and workers’ compensation claims exceeding $100,000 up to the limits of sovereign immunity imposed by F.S. 768.28.
The Board authorizes the Superintendent or designee to execute on the Board’s behalf appropriate settlement documents prepared by its third-party administrator or approved by the Board attorney in connection with the settlement of any of the foregoing claims.
Revised 12/14/21
Reviewed 4/25/23
© Neola 2002