<br><br>56.070 Finance and Administration Cabinet determines state property to be <br>insured through state fire and tornado insurance fund -- Exceptions. <br>(1) The cabinet shall determine which state property shall be insured against loss by fire <br>and other hazards. The cabinet shall insure with a responsible company or <br>companies authorized to do business in Kentucky all property financed under a <br>statutory amortization plan, to the extent of the lien indebtedness upon the property <br>or to the extent of its reasonable value, whichever is the lesser. <br>(2) Any officer or agent of the state having control or custody of any property belonging <br>to or controlled or used by the state or any agency of the state may, with the <br>approval of the secretary of the Finance and Administration Cabinet, from the funds <br>allotted to such agency, purchase insurance of an additional kind or kinds which <br>cannot properly be covered in the state fire and tornado insurance fund. <br>Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 40, effective July 15, 2010. -- Amended <br>1982 Ky. Acts ch. 406, sec. 2, effective July 15, 1982. -- Amended 1950 Ky. Acts <br>ch. 192, sec 2. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, <br>1942, from Ky. Stat. secs. 4636-21, 4636-33. <br><br>