New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 15 - GROUP SELF-INSURANCE › Subchapter 4 - JOINT INSURANCE FUNDS FOR SCHOOL BOARDS PROVIDING PROPERTY AND LIABILITY COVERAGES › Section 11:15-4.3 - Agreement to join joint insurance fund; duration

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any two or more boards of education may form and become members of a school board joint insurance fund. A school board may take this action by resolution of the board.
(b) The resolution shall provide for execution of a written agreement specifically conditioning membership on acceptance and adoption of the fund's bylaws. The agreement shall specify the extent of the member's participation in the fund with respect to the types of insurance coverage to be provided by the fund and shall include the duration of fund membership if applicable, and shall specify that the fund members have not been cancelled for nonpayment of insurance premiums for a period of at least two years prior to application. Members may renew their participation by the execution of a new agreement to join the joint insurance fund. In lieu of filing copies of the new agreement and indemnity and trust agreement referred to in 11:15-4.6(c)10  for each member's renewal of membership, the fund shall file a notice with the Department which sets forth the members that have renewed membership and the respective durations of such membership, as well as the members that have not rejoined.
(c) A joint insurance fund formed pursuant to 18A:18B-1 et seq. and this subchapter shall have the power to insure, contract or provide for any insurable interest of the member solely for the following:
1. Any loss or damage to its property, real or personal, motor vehicles, equipment or apparatus;
2. Any loss or damage from liability resulting from the use or operation of motor vehicles, equipment or apparatus owned or controlled by it;
3. Any loss or damage from liability for its own acts or omissions and for acts or omissions of its officers, employees or servants arising out of and in the course of the performance of their duties, including, but not limited to, any liability established by the "New Jersey Tort Claims Act", 59:1-1 et seq., or by any Federal or other law;
4. Loss or damage from liability as established by 34:15-1 et seq.;
5. Expenses of defending any claim against the school board, officer, employee or servant arising out of and in the course of performance of their duties, whether or not liability exists on the claim;
6. Loss from liability associated with sick leave payment for service connected disability as provided by 18A:30-2.1;
7. Any loss or damage from liability resulting from loss or theft of money or securities;
8. Blanket bond coverage for certain school board officers, employees, and volunteer organizations serving a school board for faithful performance and discharge of their duties;
9. Bodily injury and property damage claims arising from environmental impairment liability and legal representation therefor to the extent that such coverages, as approved by the Commissioner of Banking and Insurance, are provided by the purchase of insurance and no risk is retained by the fund; and
10. Student accident coverage to the extent approved by the Commissioner.