§ 2.34.050. Self-insurance program and risk retention.

With regard to risk of accidental losses and/or claims, it shall be the policy of the Kenai Peninsula Borough and School District to self-insure, to an appropriate level, all losses and claims;

A.

Which occur with predictable frequency.

B.

Which will not have a significant adverse impact on the borough's financial position.

As a general guideline, the Kenai Peninsula Borough and School District will continue to self-insure progressively to greater retention levels on a per occurrence or claims made policy of insurance as our internal claims handling and risk management capabilities are more fully developed and demonstrated. Assembly approval will be obtained for increases in our self-insured retention levels as program studies justify their merit. Certain exceptions to this guideline will be allowed;

C.

Whenever necessary insurance coverage and/or services can be obtained only by the purchase of insurance policies.

D.

When the Kenai Peninsula Borough and School District are obligated by law or contract to purchase insurance coverage and no alternative methods are acceptable.

E.

When market conditions dictate that a lesser retention level would be more prudent and financially responsible.

(Ord. No. 89-9, § 1, 1989)