FILE:  E-5.1

PROPERTY INSURANCE

The Central Community School Board, recognizing the value and importance of its buildings and other physical facilities, shall purchase adequate insurance for all property of the School District, both real and personal, against loss or damage by fire and other hazards.  The responsibility of administering the total insurance program shall be delegated to the Superintendent and the administrative staff.  The insurable value of all property shall be recorded and maintained periodically to assure purchase of property insurance with appropriate limits.

In determining the amount of insurance to be carried, there shall be included in the cost or insurable value thereof the actual cost and/or replacement value of the building itself (including the foundation), including all built-in, fixed, and attached fixtures and equipment; and including also all water, sewage, and utilities fixtures and equipment located within the confines of the building and above the foundation; and including also all loose or movable furniture, fixtures, and equipment.

All policies shall contain a provision by endorsement or otherwise, specifying that such policy shall also protect the insured for any necessary fees for architects or engineers employed by the insured as a result of loss to the property insured.

When any property covered by insurance of the School Board is lost, damaged, or destroyed, a notice concerning the loss shall be sent immediately to all affected companies, or their representatives, carrying insurance policies on said property.

The Superintendent or his/her designee shall act as adjustor for the School Board in the settlement of losses.  The School Board may authorize the services of a third party to assist in adjustment of any loss.  The Superintendent shall recommend to the School Board a basis for settlement, including summarized statement with such details as may be necessary as the basis of settlement.  The School Board shall consider for approval any settlement recommendation from the Superintendent.

Ref:    La. Rev. Stat. Ann. §17:81

Central Community School Board