Policies » Section E: Support Services » EI: Risk Management
Policy Date: 03/20/2018Download Policy Now
HSD File: EI
HOOKSETT SCHOOL DISTRICT
The Board recognizes its responsibility for properly managing the resources of the school system. This responsibility includes concern for the safety of students, employees and the public, as well as concern for protecting the system’s property from loss. No new policy or procedure will be adopted or approved by the board without first giving careful consideration to the school system’s risk exposure.
The Superintendent or, by designation, the Business Administrator, shall be responsible for establishing a risk management and insurance program covering all property and program risks related to the performance of the educational and service missions of the system. This risk management and insurance program shall include means for identifying, eliminating, reducing, retaining or transferring risk. Only when a particular risk cannot be eliminated or feasibly retained by the system shall it be transferred by the purchase of insurance.
The Board realizes that the assumption of some predictable risks is the most economically feasible method of treating certain exposures. When it is in the apparent best interest of the system, the board may budget for and retain limited and predictable risks of financial loss, through the use of contingency funds, deductibles, etc. or participation in pooled risk management programs with other School Districts.
When the purchase of commercial insurance is deemed necessary, such purchase will be made on the basis of service offered by the insurer, the reliability and financial stability of the insurer, and the price of the insurance as competitively determined.
The Board does not recognize any obligation to purchase insurance from a particular agent, broker or insurer representative or from any group of agents, brokers or insurer representatives other than an obligation based on the above stated considerations.
The Board may charge the Superintendent with the responsibility for preparing an annual risk management audit report. The report shall include a description of the system’s current risk management program and a summary of the existing insurance coverages. Minimum information to be maintained for planning, budgeting, loss control and overall financial management, includes at least the following: 1) policy roster; 2) losses incurred and paid; 3) property valuations; 4) inspection and maintenance records for all property.
The Board authorizes the Superintendent to seek professional risk management advice, if necessary, in order to develop, implement, maintain and audit an effective risk management program for the system.
RSA 194:3 III, Powers of Districts
Adopted: April 18, 2000
Revised: March 20, 2018