§ 115C-537. Insurance of property by local boards; notice of election to insure and information to be furnished; outstanding policies.
§ 115C‑537. Insurance of property by local boards; notice of election to insure andinformation to be furnished; outstanding policies.
All local boards of education may insure all property within theirunits against the direct loss or damage by fire, lightning, windstorm, hail orexplosions resulting by reason of defects in equipment in public schoolbuildings and other public school properties in the Fund hereinbefore set upand provided for. Any property covered by an insurance policy in effect on the datewhen the property of a unit is insured in the Fund shall be insured by the Fundas of the expiration of the policy. Each local board shall give notice of itselection to insure in the Fund at least 30 days prior to such insurancebecoming effective and shall furnish to the State Board of Education a full andcomplete list of all outstanding fire insurance policies, giving in completedetail the name of the insurers, the amount of the insurance and expirationsthereof. While the said insurance policies remain in effect, the Fund shall actas coinsurer of the properties covered by such insurance to the same extent andin the same manner as is provided for coinsurance under the provisions of thestandard form of fire insurance as provided by law, and in the event of lossshall have the same rights and duties as required by participating insurancecompanies. (1955, c. 1372,art. 16, s. 3; 1957, c. 686, s. 3; 1981, c. 423, s. 1.)