State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_115C > GS_115C-543

§ 115C‑543.  Otherproperty insurance.

The State Board of Education may adopt rules for providing propertyinsurance on property insured by the Fund against all risks of direct physicalloss not otherwise insured against pursuant to this Article.  Losses covered bythis additional insurance shall be paid out of the Fund in the same manner asfire and extended coverage losses.

Each local school administrative unit that elects to purchase thisadditional insurance shall pay a premium in accordance with rates fixed by theBoard.  This additional insurance shall be subject to the provisions andstipulations on policy forms approved by the State Board.  (1987, c. 312, s. 1.)