8740 - BONDING

The Governing Board recognizes that prudent trusteeship of the resources of this ESC dictate that the Superintendent, Treasurer, and all ESC employees responsible for the safekeeping of ESC monies and property, and the fiscal agent(s) for entities, programs, partnerships, scholarships, coalitions, and the like be bonded and/or alternatively be covered by an insurance policy issued by a Governing Board-approved and accredited insurance carrier or joint self-insurance pool.

An insurance policy must cover the Governing Board from losses caused by the fraudulent or dishonest actions of and the failure to perform a duty prescribed by law of the employee. Coverage must be equal to or greater than the amount required by the Governing Board for a surety bond.

The ESC shall be indemnified against loss of money and property by bonding of employees holding the positions and in the amounts determined by the Governing Board and/or by providing adequate coverage through issuance of an insurance policy.

All other employees handling money shall be covered under a blanket bond and/or insurance policy to an amount determined by the Governing Board. The Governing Board shall bear the cost of insuring or bonding each employee required to be covered by this policy.

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