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(a) By July 1, 1997, a district shall comply with AS 14.03.150 by maintaining all risk property insurance coverage for the replacement cost of all school facilities and equipment. A district shall carry flood coverage for school facilities and equipment in a flood plain or flood-prone area. The coverage shall include necessary code upgrade costs and additional extra expenses incurred by a district carrying on routine operations during a period of repair or replacement of the school facility and equipment.
(b) A district shall carry insurance that provides for the full replacement cost of all school facilities damaged or destroyed, and may be written on a loss limit basis, limited to the maximum probable loss per occurrence of any school facility clusters. Equipment shall be insured for its full replacement cost, but a school district may insure equipment for its depreciated value or actual cash value if the equipment is more than 10 years old. Any loss not within the mandatory insurance requirements of this section shall be borne by the district.
(c) In addition to the requirements of (a) and (b) of this section, an insurance policy purchased by a regional educational attendance area for any school facility or equipment owned by the state shall include
(1) the state as an additional insured;
(2) earthquake coverage; and
(3) flood coverage, regardless of whether the school facilities or equipment are in a flood plain or flood-prone area.
(d) In this section,
(1) "code upgrade" means upgrades required by applicable building and fire codes or other law for the occupancy of the school facility;
(2) "flood plain" or "flood-prone area" has the meaning given in 44 C.F.R. 59.1 (Oct. 1, 1996).
History: Eff. 8/31/90, Register 115; am 6/11/97, Register 142
Authority: AS 14.03.150
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Last modified 7/05/2006