Insurance Policy

I. Policy Title Insurance

II. Who Does This Policy Affect

Board of Trustees and all employees

III. Purpose

To protect the college from major financial losses, reduce expenses and to control liability.

IV. Policy Statement

Insurance purchased shall include, but need not be limited to, the following:

A. negligent acts or omissions which cause personal injury or wrongful death;
B. fire and extended coverage on buildings and contents;
C. comprehensive bodily injury, property damage on automobiles, buses, and trucks;
D. boiler and machinery;
E. special coverage for equipment not ordinarily covered under a standard policy;
F. employee insurance coverage as specified in the Master Agreement(s) or by Board action;
G. worker's compensation coverage; and
H. legal liability for Trustees and employees.

The Board of Trustees recognizes the benefits to the corporation of joining with other political subdivisions in providing coverage for the insurance needs of this corporation and in participating in programs of risk management to prevent loss, reduce expenses, and to control liability.

The Board may provide insurance for:

A. Loss or damage to corporation property, real or personal.
B. Loss or damage from liability resulting from the use of corporation property.
C. Loss or damage from liability for the acts and omissions of corporation officers or employees.
D. Loss or damage from liability established by the workers' compensation statutes.
E. The expenses of defending any claim against the board members, officers, or employees of this corporation arising out of and in the course of the performance of their duties.
F. Hospital and medical insurance coverage.

The Board may, upon formal resolution duly adopted, become a member of a self-insurance group in order to participate in any joint self-insurance fund or funds, risk management programs, or related services provided by the group. The Board's membership in the group will be governed by the bylaws of the insurance group, which must be reviewed and approved by the State Superintendent of Insurance in accordance with law.

Trustees of the school board self-insurance pool shall be selected in accordance with the bylaws of the insurance group.

V. Definitions

N/A

VI. Responsible Party for Policy Interpretation/Review

President of the College
Vice President of Finance

VII. Related Documents

M.C.L. 129.51, 380.124, 380.1269, 380.1332

VIII. Policy History:
a. Adopted by Board: February 20, 1995
b. Previous Policy Section Operations; Previous Policy No.3450

Review/Updated

April 15, 2024 - changes approved by Board

This policy supersedes and replaces any and all policies related to this subject