2.2-1836 - Insurance plan for state-owned buildings and state-owned contents of buildings.
§ 2.2-1836. Insurance plan for state-owned buildings and state-owned contentsof buildings.
A. Subject to the approval of the Governor, the Division shall establish arisk management plan that may be self-insurance or a combination ofself-insurance and purchased insurance to provide coverage on (i) state-ownedbuildings and (ii) state-owned contents of buildings owned by theCommonwealth or of buildings not owned by the Commonwealth that are occupiedin whole or in part by an agency of the Commonwealth.
B. Any insurance plan established pursuant to this section may provide, butnot be limited to, physical damage coverage against the perils of (i) fireand lightning; (ii) extended coverage for windstorm, hail, smoke, explosion,other than that caused by steam pressure vessels, riot, riot attending astrike, civil commotion, aircraft and vehicles not owned by the Commonwealth;(iii) vandalism and malicious mischief; (iv) optional perils; and (v) allrisk insurance.
C. Any insurance plan established pursuant to this section shall provide forthe establishment of a trust fund or contribution to the State InsuranceReserve Trust Fund for the payment of claims covered under such a plan, whichare not recoverable from purchased insurance. The funds shall be invested asprovided in § 2.2-1806 and interest shall be added to the fund as earned. Thetrust fund shall also provide for payment of administrative costs,contractual costs and other expenses related to the administration of theplan.
D. The insurance plan for state-owned buildings and state-owned contents ofbuildings shall be submitted to the Governor for approval prior toimplementation.
(1980, c. 488, § 2.1-526.7; 1982, c. 318; 1988, c. 848; 2000, cc. 618, 632, §2.1-191.10; 2001, c. 844.)