7380

CONSTRUCTION PROJECT INSURANCE PROGRAM

            The Board of Education has obligations for the protection of property and persons while construction is underway, in the same way it has for the completed and operating buildings.  The architect shall specify the types of insurance to be provided by the various contractors, and shall require that there be delivered to the Board certificates of insurance and waivers of exclusion called for in the specifications.

The Board shall consult with the district's insurance agent or some other specialist in insurance matters to determine the types and amounts of insurance which the district needs to purchase to adequately protect the taxpayers from loss.

Casualty Insurance

The Board shall consider seriously the benefits of purchasing a Builder's Risk Policy by endorsement of the district's policy on its existing buildings.  Consultation with the insurance agent of records or another insurance specialist shall be considered before a decision is made.  The Board may request from its insurance agent a report on differences in coverage and cost of buying builder's risk insurance by the "reporting" method vs. the "completed value" basis.

Liability Insurance

The Board shall request the Superintendent’s Designee or the insurance agent of record to determine that the district's "Protective Liability" insurance provides coverage for the district for occurrences arising out of operations performed for the district by contractors in connection with building construction or demolition, and that no endorsement thereto limits such protection.  If such limitation or lack is discovered, steps shall be taken to bring the project under the general policy.

Adoption date:  January 1, 1993

Reviewed on:    September 29, 2003