FILE:  EG-R

Cf:  EG

INSURANCE REGULATIONS

All fire and extended coverage insurance on school property of the Assumption Parish School Board will be placed in stock companies with a rating no lower than A in the first division and no lower than AAAAA in the second division as shown by Best's Insurance Guide.  Only those agencies who have companies that are eligible and willing to accept this type of coverage on one policy, and have a legally licensed insurance agency domiciled in Assumption Parish shall be authorized to participate in any school insurance.

Fire and extended coverage insurance is written for a period of three (3) years, 1/3 of the premium paid in advance.  The Insurance Committee shall submit to the Board for their approval the agencies that are qualified to write the fire and extended coverage insurance.

The Board will solicit bids for the bus insurance.  This insurance will be for 250/500 M bodily injury and for 50 M property damage.  The Assumption Parish School Board will pay 100% of the premium.  The agency shall make an itemized statement showing the rate of commission, total premium, number of agencies participating, and shall furnish a copy of same to each participating agency along with the check for their pro-rata share.  A copy must also be filed with the Assumption Parish School Board.

The agency share must be paid within 45 days of the date of inception or within 45 days after payment by the Assumption Parish School Board, whichever comes later.

Any additional premium because of future endorsements or additions will be included in the following year's check and only those agencies that participated in the original policy will share in the additional premium distribution.

All agencies participating in this insurance as of July 1 of the current school year will receive their portion of insurance as new insurance is added.

Separate statements will have to be prepared when the number of participating agencies has changed from the previous year.

All insurance paid in part or in full by the Assumption Parish School Board shall be placed with an approved agency as approved by the School Board.

Hospitalization, health and accident insurance is available to Assumption Parish School Board personnel through payroll deduction.

A tax-sheltered annuity is available to Assumption Parish School Board personnel through several recommended life insurance companies. These companies are authorized to solicit for a tax-sheltered annuity retirement insurance plan for the employees of the Assumption Parish School Board, with deductions being made through the Payroll Department of the School Board Office.

All applications for tax-sheltered annuity retirement insurance from employees of the School Board must be in the School Board office fifteen days prior to issuance of the first monthly check of teachers for the session, and these applications shall be accepted once yearly.

The Assumption Parish School Board is insured for Workmen's Compensation in accordance with State law.

Fire, Windstorm and Extended Coverage Insurance written for the Assumption Parish School Board shall be written on a $5,000 deductible basis.

Each school shall bear the cost of athletic insurance, with the student paying only the basic coverage.

Assumption Parish School Board