7410 -RISK MANAGEMENT PROGRAM
The Superintendent is authorized to administer a risk management program, including a combined program of self-insurance and commercial insurance, consistent with board policy, insurance industry standards and governmental/legal standards, to ensure adequate coverage for the district within existing budgeted resources. The Superintendent may enter into contracts for insurance with annual premiums that exceed $50,000, provided that the total cost of premiums for the risk management program does not exceed budgeted resources for renewal of the insurance program.
At the first regular meeting of the Board of each fiscal year, the Superintendent shall report the insurance contracts in place for that year. In addition, the Superintendent shall provide the Board at least annual reports on the performance of the risk management program fund, including any significant cost increases or decreases. The risk management program fund shall be audited annually by an independent auditor and the results shall be included in the Annual Audit presented to the Board.
Legal Reference: G.S.115C-42
Adopted Effective: March 25, 2004
