58-31A-1. Definitions. The following definitions shall apply in this Part: (1) Insurable hazards. – A minimum list of perils, risks, or hazards which must be insured against loss, which includes the following: fire, lightning, windstorm, hail, explosion, aircraft or vehicles, riot or civil commotion, smoke, vandalism, sprinkler leakage, sinkhole collapse, volcanic action, falling objects, weight […]
58-31A-10. Flood insurance. Premiums for flood insurance coverage for public education buildings shall be paid by each public education board in accordance with rates fixed by the Commissioner, and the Commissioner may purchase from insurers admitted to do business in North Carolina such insurance or reinsurance as may be necessary to protect the State Public […]
58-31A-15. Authority and rules for organization of system. The Commissioner is hereby authorized, directed, and empowered to establish a division to manage and operate a system of insurance for public education property. The Commissioner shall adopt such rules and regulations as may be necessary to provide all details inherent in the insurance of public education […]
58-31A-20. State Public Education Property Insurance Fund; decrease of premiums when fund reaches five percent of total insurance in force. (a) There is established a State Public Education Property Insurance Fund (Fund) as a special fund in the State treasury for the purpose of providing a reserve against property loss of public education boards. The […]
58-31A-25. Insurance of property by public education boards; notice of election to insure and information to be furnished; outstanding policies. All public education boards may insure all public education property titled to that board against the direct loss or damage by insurable hazards in public education buildings and other public education properties in the Fund. […]
58-31A-30. Inspections of insured public education properties. The Commissioner shall provide for periodic inspections of all public education properties in the State of North Carolina insured under the provisions of this Article, in addition to the inspections required by G.S. 115C-525(b). The person making inspections required under G.S. 115C-525(b) shall furnish a copy to the […]
58-31A-35. Information to be furnished prior to insuring in Fund; providing for payment of premiums. Public education boards shall, at least 90 days before insuring in the Fund, furnish to the Commissioner a complete and detailed list of all public education buildings and contents of those buildings and other insurable public education property, together with […]
58-31A-40. Determination and adjustment of premium rates; certificate as to insurance carried; no lapse; notice as to premiums required, and payments of premiums. (a) The Commissioner shall determine the annual premium rate to be charged for insurance of public education properties pursuant to this Article, and rates shall be adjusted from time to time so […]
58-31A-45. Adjustment of losses; determination and report of appraisers; payment of amounts to treasurers of local school administrative units; disbursement of funds. (a) In the event of loss or damage by insurable hazards to public education buildings and properties for the public education boards, the Fund shall pay the loss (i) in the same proportion […]
58-31A-5. Duty of the Commissioner to operate insurance system for public education property. The Commissioner shall have the duty to manage and operate a system of insurance for public education property. The Commissioner may offer a system of property insurance to any charter schools approved pursuant to G.S. 115C-218.5. (2019-176, s. 3(b).)
58-31A-50. Maintenance of inspection and engineering service; cancellation of insurance. The Commissioner is authorized and empowered to maintain an inspection and engineering service deemed by it to be appropriate and necessary to reduce the hazards of fire in public education buildings insured in the Fund and to expend for such purpose not in excess of […]
58-31A-55. Other property insurance. The Commissioner shall adopt rules for providing property insurance on property insured by the Fund against all risks of direct physical loss not otherwise insured against pursuant to this Article. Losses covered by this additional insurance shall be paid out of the Fund in the same manner as fire and extended […]
58-31A-60. Catastrophic insurance for covered activities. (a) For the purposes of this section, the following definitions shall apply: (1) Administering organization. – As defined in G.S. 115C-407.50. (2) Covered activities. – Interscholastic athletic activities that are authorized, sanctioned, or scheduled by a participating school or by an administering organization, including school-supervised practice, game-related activity, and […]
