§ 115D-58.11. Fire and casualty insurance on institutional buildings and contents.
§ 115D‑58.11. Fireand casualty insurance on institutional buildings and contents.
(a) The board of trustees of each institution, in order tosafeguard the investment in institutional buildings and their contents, shall:
(1) Insure and keep insured each building owned by theinstitution to the extent of the current insurable value, as determined by theinsured and insurer, against loss by fire, lightning, and the other perilsembraced in extended coverage.
(2) Insure and keep insured equipment and other contents of allinstitutional buildings that are the property of the institution or the Stateor which are used in the operation of the institution.
(b) The tax‑levying authority of each institution shallprovide the funds necessary for the purchase of the insurance required in G.S.115D‑58.11(a).
(c) Boards of trustees may purchase insurance from companiesduly licensed and authorized to sell insurance in this State or may obtaininsurance in accordance with the provisions of Article 16, Chapter 115, of the GeneralStatutes, "State Insurance of Public School Property." (1963, c. 448, s. 23; 1979, c. 462, s. 2; 1981, c.157, s. 1.)