302.01: Insurance and Fidelity Bonds

Enterprise State Community College will maintain adequate insurance and fidelity bond coverage as defined by the Chancellor and approved by the Board of Trustees to ensure the protection of the institution and its resources.  

Procedures

General Liability
The ACCS Board of Trustees shall authorize general liability insurance for the Alabama Community College System in an annual policy. The premium will be paid by the institutions.

Legal Liability
The ACCS Board of Trustees shall authorize legal liability insurance for the Alabama Community College System in an annual policy. The premium will be paid by the institutions.

Fidelity Bond
Each institution is required to purchase fidelity bond coverage. All institutions are required to provide coverage on the following institution officials and employees at the minimum stated rates as follows:

President or equivalent $500,000

Second in Charge $500,000

Chief Financial Officer $500,000

Treasurer $500,000

Financial Aid Officer $500,000

Blanket bonds for others handling funds $100,000

The President or equivalent is authorized to obtain additional bond coverage or coverage for other institution officials as needed. Carriers may be selected at the discretion of the president.

Cyber Risk Insurance
The ACCS Board of Trustees shall authorize cyber risk insurance for the Alabama Community College System in an annual policy. The premium will be paid by the institutions.

Garage Liability

The ACCS Board of Trustees shall authorize garage liability insurance for the Alabama ommunity College System in an annual policy. The premium will be paid by the institutions.

Property Insurance
Each institution shall insure with the State Finance Department, Division of Risk Management, all buildings, and personal property belonging to the institution, with the exception of motor vehicles.

Vehicle Liability

Each institution shall purchase and maintain liability insurance coverage on all vehicles owned by the institution. Carriers may be selected at the discretion of the president. The following shall be minimum insurance limits:

$100,000 limit for bodily injury to each person

$300,000 limit for bodily injury for each occurrence

$100,000 property damage with no deductible

$1,000 medical payments each person

$10,000/$20,000 uninsured motorist coverage